Michael Jackson Died $400 MILLION In Debt

[~Souza~]

He was in dept, they have been reporting that sense 2006. But not as much as the media claimed

Who are they ? In this area nobody can know for sure without acces to all the financials.

If he faked his death why can't we believe he faked his financials too? It's way much more easy to invent some debts.

But the way the article is written leaves the impression that Michael faked his death to escape debts or to make enough money to cover them and to restore his image too.

The rumours about his dept surfaced during the trial in 2005. What people who haven't read up on this don't know, is that they only had access to a small number of bank accounts, 3 if I recall right. I am sure he has more, I already have 3 different bank accounts.

[becca26]

Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."

That is that of the " last illness" :?:

I picked up on that too.....(LAST ILLNESS :? ) Hmmmm :shock:

[fordtocarr]

About the question of Janet paying for the funeral...this was just on my facebook..

MJHIStoryVEVO
Wall Photos
Janet Jackson indeed paid for her brother Michael's "second" funeral in August 2...009. According to papers just filed in the Los Angeles probate court by Michael Jackson's executors, Janet wrote a check for just under $50,000 so that the Jacksons could stage Michael's internment after the infamous Staples Center show earlier in the summer.

The funeral did indeed cost just over $1 million in the end, for which the estate wrote checks to Forest Lawn Cemetery. The funeral incurred a lot of other expenses, too, including $35,000 for Michael's "funeral costume" and $21,455 for catering.

The estate's records also show specific payments to Katherine Jackson, listed under different headings for "allowance." For example, Mrs. Jackson receives $50,000 a month for her own allowance, plus all expenses reimbursed without question. This is all separate from mortgage payments on her home, payroll for her staff, and a brand new 2010 Escalade that cost approximately $83,000.

Line by line, the report–part of a petition to the court–shows that the execugors and lawyers–who themselves have made millions in fees–have carefully attempted to clean up an estate that was in total disarray when Michael Jackson died.See More
By: MJJOnlineVEVO

[scorpionchik]

Article changed:

MJ Estate Made $310 MILLION Since Michael Died
46 minutes ago by TMZ Staff

Another alike article with some interesting details

Michael Jackson's estate has generated $310 million ($NZ408 million) in revenue from album sales, a film, merchandising and other products since the Thriller singer died in 2009, according to court papers filed on Thursday.
His estate's administrators have used $159 million ($NZ209 million) to pay down the pop star's debt, which when Jackson died amounted to more than $400 million ($NZ526 million), court records show.
"Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt," the documents state.

The records, which were made public as part of the estate's probate proceedings, are the most detailed accounting yet of the finances of Jackson's estate from his death until December 31, 2010.

Beneficiaries of the estate are Jackson's children, his mother and various charities. Attorney John Branca and music executive John McClain were named administrators in a will the Thriller singer signed before he died in June 2009 from an overdose of drugs, most prominently the anesthetic propofol.

The singer's physician at the time, Dr. Conrad Murray, has been charged with involuntary manslaughter in the death and has pleaded not guilty.
Jackson's 1982 release Thriller remains the best selling album of all time. Industry players think his estate can generate cash for years to come, just as dead stars like Jimi Hendrix, John Lennon and Elvis Presley continue to rake in millions.
Among the projects making money for Jackson's estate are the new album Michael, which contains previously unreleased songs, and the concert movie This Is It, which compiled videotaped rehearsals for a series of comeback concerts in London. Various merchandising and licensing deals have also swelled the coffers. Jackson's recordings are released by Epic Records, a unit of Sony Corp.

Noteworthy costs included a $900,000 ($NZ1,184,000) payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 ($NZ46,000) in expenses listed as "costume for memorial."
Administrators paid $27.2 million ($NZ35.8 million) in taxes, as well as $5.3 million ($NZ7 million) for Jackson family members and properties he owned. They made $4 million ($NZ5.3 million) in mortgage payments on his properties.

http://www.stuff.co.nz/entertainment/ce ... 08-million

[applehead250609]

How can you run an empire and have that much in debts? I don't get it. Still i think that $310+ million is no where near the real number.

Hello!!!!
Ofcourse Michael is not in dept,this is ridiculous.Michael is a very smart bussines man,Donald Trump said himself.
Just hear at what Michael had to say in 2002 when a reporter ask him about his financial situation.He said his financial situation is incredible and he had just sign a check of 500 milion dolars :shock:  :lol: .Can you imagine that that amount of many and that was in 2002 .

Michael Jackson Fox News Interview with Rita Cosby 2002
[youtube:3t784psu]http://www.youtube.com/watch?v=N5SD25kb2K4[/youtube:3t784psu]

I would like to show you a comment that I think it's very funny:

500 million dollars!?!?!? did he buy disney? LOLOL
GWRevolution2008 Cu 2 (de) luni în urmă

Maybe he didnt bought Disney but let's say MARVEL 8-) ????? I have my reasons to believe that.
Anyway I consider Michael a modern Richie Rich of our times  :D  :lol: :

Richie Rich Trailer
[youtube:3t784psu]http://www.youtube.com/watch?v=fJJQ44fdDws[/youtube:3t784psu]

LOVE