The estate of Michael Jackson has resurrected itself from the brink of bankruptcy, earning nearly $2 billion six years after the pop icon's untimely death, according to the celebrity news website TMZ.
At the time of his death on June 25, 2009, the net worth of Jackson's estate was roughly equal to its debts, worth around $500 million, according to realtytoday.com.
But in the past six years, said TMZ sources familiar with the late pop icon's finances, Jackson's estate made profits from the film "This is It," the Cirque du Soleil show "Michael Jackson: The Immortal World Tour," the sale of 500 million albums, and various ventures, including Sony, which today continue to generate money.
Minus expenses amounting to roughly $1.2 billion and taxes amounting to about $350 million, the estate's net worth is estimated to reach about $450 million, according to the TMZ sources.
They added, however, that if the estate were liquidated today, Jackson's three children would each receive $100 million. The children are Michael Joseph Jackson Jr. (Prince), 18; Paris Michael Catherine Jackson (Paris), 17; and Prince Michael Jackson II (Blanket), 13.
Jackson died of an overdose of Propofol and other sedatives at his Holmby Hills home in California. He was 50. Last year, his estate topped Forbes Magazine's List of Top-Earning Dead Celebrities, surpassing Elvis Presley, Bob Marley and Marilyn Monroe with a hefty $140 million.
The Huffington Post quoted Jackson's lawyer, Tom Mesereau, as saying the pop star's top priority was neither wealth nor fame but rather, his children. "He wanted to give them the best possible education," Mesereau, who successfully defended Jackson against child molestation charges, added.
The family is doing quite well, the lawyer was quoted as saying, and when the family was asked about their father, he said: "He is missed very much."
According to CNBC News, Michael Jackson is the seventh most popular person on Facebook with more than 75 million likes and on Twitter, his account has 1.84 million followers.
