Michael Jackson was infamous for his high spending ways and was in serious financial difficulties when he died of an accidental overdose in 2009. But the money woes of his estate and heirs are undeniably over with the announcement of a $750 million buyout of Jackson’s stake in Sony/ATV Music Publishing which holds the copyright for artist ranging from Bob Dylan and The Beatles to Taylor Swift. This is an excellent return on investment since Jackson’s contribution to the joint venture was the bundle of rights he bought in the mid 80’s for just over $40 million. As a result of this deal, the Jackson estate has pulled off nearly a $1 billion turnaround since it was reported the estate was over $200 million in debt when the legendary performer died. Combined with the continuing torrid pace that sales of Jackson’s music have taken, there should be enough money to ensure that all his family is well cared for on a generational basis.
See, Michael Jackson is $750 million richer seven years after his death, The Daily Mail, March 15, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
