Michael Jackson estate earns $100 mn since death
A good portion of those earnings will likely be used to pay the hundreds of millions in debts the King of Pop reportedly left behind after his June 25 death.entertainment Updated: Aug 14, 2009 10:21 IST
Michael Jackson's estate has earned $100 million since his death with a film contract and advertising contracts, and is expected to earn another 100 million by the end of the year, The New York Times reported Thursday.
A good portion of those earnings will likely be used to pay the hundreds of millions in debts the King of Pop reportedly left behind after his June 25 death. A clear picture of his net worth and his debts has not yet been tallied.
Jackson lawyer and co-executor of the estate John Branca estimated that the pop star could earn 50 to 100 million per year. Elvis Presley brought in $55 million last year alone.
Jackson's mother and three children are to receive about 40 percent of his estate, with another 20 percent going to charity.
Also Thursday, it was announced that the glove worn by the late King of Pop Michael Jackson during his famous Moonwalk TV gala performance is to go up for bids.
Julien's Auctions said the auction on November 21 at New York's Hard Rock Cafe will start with a minimum estimate of $40,000 to $60,000. The glove's current owner, Walter Clyde Orange, a founding member of the Commodores band, is apparently selling it.
Other items from music greats Elvis Presley, Kurt Cobain, Jimi Hendrix and the Beatles will also go on the block.
Jackson wore the famous glittering glove on his left hand as he took the stage at a Motown Gala in 1983. That was the event where he introduced his legendary Moonwalk dance step to the song Billie Jean.
After his performance, Orange asked Jackson for an autograph. Instead, the singer gave him the glove.