Jackson’s Estate Might Surpass Presley’s

As I previously blogged, Michael Jackson’s estate grew tremendously in the past year since his death. Experts in the management of celebrity estates are waiting to see whether or not the Jackson estate will surpass the ultimate entertainment estate: Elvis Presley’s estate. Presley’s estate earned $55 million last year.

Last year, Jackson’s “This Is It” movie grossed $261 million and he sold almost 8.3 million albums. Jackson was also inducted into the Apollo Theater’s hall of fame last week. Jackson became a saint the second he died, and his estate managers have been able to profitably yet tastefully take advantage of the emotion surrounding his tragic death.

Whether or not the Jackson estate can continue to prosper is undecided. Bob Lefsetz, a former entertainment lawyer, said that without a Graceland-style attraction, Jackson’s Neverland ranch will be sold and his sales will eventually slow. Others disagree with Lefsetz and think that the Jackson estate will continue to grow throughout the years, just as Presley’s estate has.

See Ben Sisario, A Year Later, Jackson Estate is Prospering, N.Y. Times, June 22, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.