The King of Pop’s finances were overwhelmed by debt when he died nearly five years ago. Now Michael Jackson’s estate holds $18M in cash and has earned $600M in revenue.
Katherine Jackson (Center) arrives with Jackie Jackson (Left) and Rebbie Jackson (Right) to court for the arraignment hearing for Dr. Conrad Murray on January 25, 2011. Since his death, the estate of Michael Jackson has gone into the black.
When Michael Jackson died nearly five years ago, his finances were nearly overwhelmed by debt.
But now, the executors of his estate have moonwalked into the black.
Jacko’s estate now holds $18 million cash and has earned $600 million in revenue, according to documents filed in a California court.
The music legend’s children, Prince, Paris and Blanket, are the main beneficiaries of the turnaround. They enjoy an $8 million per year luxury lifestyle, according to documents.
Highlights of their opulence in one year includes $3 million on education, $300,000 on vacations — a single trip cost $250,000 — $15,000 in pocket money, $600,000 in security and a rental mansion with $28,500 monthly rent.