Michael Jackson amassed a lot of hits and a lot of money when he was alive. He also got himself into a lot of debt. At the time of his death, Michael Jackson’s estate was in $500 million dollars in debt. However, this has been completely turned around since his death.
According to The Blast, Michael Jackson’s estate has made nearly $2 billion since his death. Accounting documents that were filed to the L.A. County Court revealed that the singer’s estate has brought in $1.7B as of Dec. 31, 2018.
These documents have proven to shown that those running his estate which include an executor and lawyers, have been consistently rebuilding his brand since his passing. This in turn has made his finances back in order.
“With the assistance of their counsel, the Executors have successfully rebuilt and enhanced Michael Jackson’s image, solidified the MJJ business as a significant entity in the entertainment industry, entered into and continue to enter into unprecedented business deals that have produced, and will in the future produce, significant revenues for the Estate,” it reads on the filing.
Michael Jackson’s business acumen shows he left his brand in good hands as what makes this report more awe inspiring is that MJ was in serious debt. “Among other issues, at the time of Michael Jackson‘s ‘ death, Michael Jackson’s most significant assets were subject to more than $500 million of debt… some debt in default (the mortgage, and utilities on Havenhurst had been unpaid for several months),” it reads in the doc.
There is more good news for Michael Jackson’s estate. According to Variety, a federal judge is leaning towards granting the Michael Jackson estate’s move to take HBO to arbitration in its dispute over the documentary “Leaving Neverland.”
Judge George Wu is expected to make a final ruling at the end of September, but in the meantime, he has denied HBO’s motion to dismiss the estate’s case.