- Michael Jackson's estate continues to fight
- It has now reached a new valuation
- It comes amidst news of his massive debt
With the estate now valued at over $2 billion, executors fight to preserve the legacy of the King of Pop against a backdrop of controversy and litigation. Discover the twists and turns of this epic financial and legal drama!
The Financial Rebirth of a Legend
When Michael Jackson, the undisputed King of Pop, passed away in 2009 at the age of 50, he left behind more than just a legacy of unparalleled musical genius. He was also drowning in a sea of debt, reportedly over $500 million deep.
Fast forward to today, and the executors of his now $2 billion estate are knocking on the court's door, seeking back pay from 2018 for their Herculean efforts to turn the tide.
The 'Los Angeles Times' reported that certified public accountant William R. Ackerman, testifying as a defense witness on behalf of AEG Live in the wrongful-death trial in August 2013, offered a detailed look at the singer's finances, telling jurors that Jackson spent money on donations to charity, gifts, travel, art and furniture.
"He spent a lot of money on jewelry," Ackerman added in the downtown Los Angeles courtroom at the time. "He was tapped out."
Jackson's financial woes were legendary, with more than 65 creditors snapping at his heels at the time of his demise.
But like a phoenix rising from the ashes, the estate's executors, attorney John Branca and A&R executive John McClain, have worked tirelessly, negotiating and restructuring deals that not only cleared the debt but also propelled the estate into the multi-billion dollar stratosphere.
Yet, it's not all smooth sailing. The estate is embroiled in ongoing legal battles, including a high-profile case involving allegations made by Wade Robson and James Safechuck, whose stories were thrust into the global spotlight by the HBO documentary 'Leaving Neverland.'
Money on money
As the estate gears up for a trial, the world watches, waiting to see how the legacy of Michael Jackson will be affected. Despite the financial victories, the shadow of controversy looms large over Jackson's legacy.
"He wanted people to see his work and not just talk about his lifestyle," Randy Phillips, the former CEO of AEG Live, told 'Rolling Stone' in 2009. "Michael was a very smart marketing person.
People say he was feeble and manipulated, but he was powerful and a manipulator. He was ready," Phillips told the publication.
"He wanted to clean up his finances. He was ready to stop living like a vagabond and settle down and earn money again."
Also interesting:
The King of Pop's Legacy
She steals the spotlight!
Beyond the music and controversy
Michael Jackson Biopic: Producer Promises No Holds Barred Story
With a trial pending and the court of public opinion in constant flux, the executors remain steadfast in their defense of Jackson's reputation, echoing his own words: "Lies run sprints, but the truth runs marathons."
