The King of Pop’s estate is now generating cash, sources say. When Michael Jackson died almost five years ago, he was overwhelmed with debt. He has made millions in his lifetime from endorsements, concerts, and his own music, but his earnings could not keep up with his luxurious lifestyle.
Jackson lived an extravagant lifestyle and reportedly spent around $30 to $50 million annually on himself alone. By the time of his death in 2009, unpaid bills had piled up with his publicists, agents, and lawyers.
One of his biggest purchases was the Neverland Valley Ranch, a private amusement park and Jackson’s home from 1988 up to 2005. The cost of the ranch alone was $17 million, and cost $5 million a year just to maintain the property. Along with that purchase, he also spent millions on a divorce settlement, lawsuits, antiques, clothes, Bentleys, and his diamond-encrusted gloves.
The home of Michael Jackson, Neverland Ranch. I’m so jealous of Michael 🙁 pic.twitter.com/tkZ36fxoTO
— MichaelJackson fans! (@WeloveyouMJJ) December 27, 2013
Jackson was also known to spend millions of dollars on several video projects, which amount to about $65 million.
After Jackson’s death, his executors planned a comeback to make the King of Pop’s finances shift to the positive side. This was carried out mainly by doing licensing and publishing deals, so that they did not have to sell the singer’s music portfolio. Jackson’s future music rights, which amounted to $250 million, were sold to Sony. His lawyers also joined several home videos to come up with the movie “This is It,” which to this day is said to have made more than $500 million.
Jackson’s three kids – Prince, Paris, and Blanket – are the chief beneficiaries. They get to spend $8 million yearly — $3 million on education, $28,500 monthly rental for a mansion, $600,000 in security, and $300,000 for a vacation.
Michael Jackson’s Estate
Image via Michael Jackson, Twitter