The music industry has produced several legends that will forever remain in people’s hearts. Michael Jackson is one of the musicians with an outstanding legacy, leaving a remarkable net worth and many properties. He has been the king of pop since the 70s, being the trademark for future musicians. The fantastic thing about Jackson, beyond his music, is his interest in real estate investment. 13 years after his death, Jackson is still considered a rich musician as his estate yielded up to $2 billion. Since Jackson’s estate cost a fortune, what happened to it? Is it being used for a charity cause or inherited by family members? In this piece, you’ll confirm what happened to Jackson’s estate after his death.
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A Brief View Of Michael Jackson’s Lifetime
Michael Jackson is rated the king of pop due to his award-winning songs. During his time, he was able to sell an estimated value of 400 million pieces. Several awards also recognized his talent, including Golden Globe Award, Grammy Award, and Juno Award. The Guinness World Record also identified Michael Jackson as the Most Successful Entertainer of all Time. No doubt, Jackson set a successful record before his death. He won several endorsement deals and went on many tours, which kept rolling his bank. He invested in estates alongside the Neverland Ranch, which cost about $19.5 million. The property also incurred an annual maintenance fee of $10 million.
What is the Current Net Worth of Michael Jackson’s Estate?
Over the years, Michael Jackson fans have contributed to the estate’s sustainability. This birthed collaborations with top fashion companies, including Off-white and Supreme. As of 2009, when Jackson passed away, his estate worth was $500 million. However, his estate worth has bloomed since then, as it was worth about $873 million in 2020. This is an estimated value of all his earnings, including cash invested into the estate. However, a clash with the tax revenue gradually reduced the estate’s net worth. Although Jackson’s heirs complain about the enormous estate bill, many investors are still interested in it. Since Jackson built a lot of fans during his lifetime, people are ensuring that his legacy continues through his acquired properties. Instead of selling off the estate, they would invest in upholding its value. Research also revealed that Jackson owned the Bank of America for $380 million before his death. Meanwhile, the interest rate of 50% rounded up the debt to $500 million. Even though Jackson went bankrupt, his music never stopped yielding huge sales after his death.
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Who is In Charge of Michael Jackson’s Estate?
The people benefiting from the money generated from Jackson’s property are his mother, Katherine, and children, Paris, Prince, and Blanket. Fortunately, Jackson’s allies are good enough to secure his fortune to protect the kids’ future. Now, the kids can confidently live in wealth after their father’s hard work. However, the estate executors in charge of legal duties are John McCain and John Branca. The estate executors responsible for Jackson’s property have generated substantial revenue by creating unique business opportunities. They signed several business deals, which could generate more wealth, especially in the entertainment industry.
Since the kids are beneficiaries of Michael Jackson’s estate net worth, how does this impact their lifestyles? Prince’s university education is being covered, and his guardian, Jackson’s nephew, has $75,000 on vacation expenses. The guardian also received a fuel allowance and access to medical services. It is interesting to know that the kids may have taken after the property investment habit of their father. Paris is currently constructing a luxurious pad, having spent a quarter of a million dollars. Also, Paris already built a home for herself in Los Angeles, where she spent $225k on security and building construction. It is also reported that Blanket and Katherine’s annual expenses at home sum up to about $111k. More so, more costs are spent to secure dealings and accounting fees. As a result, it will take long years before Jackson’s estate becomes obsolete for business dealings.
Michael Jackson’s Final Days
Unfortunately, the talented musician had a cardiac arrest due to an overdose of propofol. The medical test showed that the traffic incident that happened on the 25th of June, 2009, resulted from a drug overdose. A few years before his death, Jackson had financial challenges, making him leave Neverland. According to his children, they experienced their father struggle with financial challenges at some point in their lives. They had to move across towns, and friends and families accommodated them. Even though Jackson was reported to be in debt, he spent some money on charity. Little wonder he is loved by almost everyone, and his friends stand firmly in protecting his properties and families.
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Sources: Marca, Afrotech.
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