Michael Jackson - Michael Jackson Estate Almost Debt-free

The Michael Jackson Estate has nearly paid off the singer's $500 million debt.

The late singer's estate has allegedly made a fortune since his death in June 2009 and the earnings have neared the total sum of what he owed when he perished.

Executors for the Estate filed legal documents which show the Estate has generated gross earnings exceeding $475 million as of the end of May, according to website TMZ.com.

The paperwork states that all of Michael's debts have been paid, with the exception of a huge debt involving his publishing catalog.

However executors expect that will be fully paid off by the end of the year.

Lawyers' fees from May, 2010 until November 2011 apparently exceeded $13.6 million.

His mother Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.

Michael was found dead in his Los Angeles, California home three years ago when he overdosed on prescription drug Propofol.

Doctor Conrad Murray was found guilty of involuntary manslaughter and sentenced to four years in prison.


Contactmusic

Tags: Michael Jackson - Fortune

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Comments

corlista's picture

corlista

$13M is nothing compared to the $400M debt that needed to be eliminated. Michael knew what he was doing when he put Branca (and McClain, the mystery man) in charge of his estate. Many tried to talk Michael into changing his will and executors. He steadfastly refused. He was smarter than all of them!!
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YANNI54's picture

YANNI54

I love that this is finally coming to an end and some good news is coming from MJ's estate, but why does Contact Music and all the rest HAVE TO constant end a good article with the same old s-it of how MJ died and any damn thing about Conrad Murray. EVERYBODY KNOWS THE WHOLE STORY AND THEY "DO NOT" HAVE TO BE REMINDED OF THAT SAD TIME EVERYTIME YOU HAVE SOMETHING TO SAY ABOUT MJ. Put it to rest already. Give MJ's family and fans a break!!!
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corlista's picture

corlista

@Yanni: Agreed!! There's not a person on the planet that doesn't know that Michael is gone and how it happened. Enough of the propofol induced death already!! I don't see any other celebrity's death constantly being listed every time there is an article about them in the news. STOP with it!
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