King of Pop’s estate rebounds since death

2010-06-22 10:25

The money is rolling in, the bills are being paid and all those

people who said Michael Jackson might earn more in death than in life are being

proved right.

Like the estates of Elvis Presley and Yves Saint Laurent, Jackson’s

has grown immensely since he died on June 25 2009.

Without Jackson’s lavish spending sprees and with the help of new

revenue pouring in from nostalgia over the reign of the King of Pop, estate

co-executors John Branca and John McClain have dramatically turned around

Jackson’s finances.

The estate has earned more than $250?million (about R1.9?billion)

in the year since he died. Executors used some of that to pay off $70?million in

debt.

“They’re off to a spectacularly good start,” said Lance Grode, a

former Jackson lawyer and adjunct professor at the University of Southern

California Law School. He added, however, “there’s a long way to go before they

pay off all of their debts.”

Co-executor Branca, Jackson’s longtime lawyer and business manager

said: “When I met with him before he died, we went through an agenda. John

McClain and I are really executing on that. We’re doing the things we think

Michael would have wanted.”

Several people have been paid for overdue bills after spending

years trying to track the singer down. Others who haven’t yet been paid say they

have been treated professionally by the estate, a night and day change from his

old regime.

Nearly a million Jackson albums have sold this year and a new album

of unreleased material is set to hit stores in November, roughly in tandem with

a new video game in which fans can mimic his signature moves.

“In the year that Michael has gone, we realise how incredibly

talented he was,” said Marty Bandier, the chief executive of Sony/ATV. “The guy

was the King of Pop and more.”



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