LOS ANGELES – Album sales, a movie deal and other projects could boost Michael Jacksons estate by $200 million (€140 million) before the end of this year, the Los Angeles Timesreported yesterday.
And the “King of Pop’s” estate is expected to generate at least $50 million in annual revenue, John Branca, one of the executors of Jackson’s estate and his former lawyer, told the newspaper in an interview.
Jackson’s album sales have surged following his death in June and the singer has dozens of unreleased songs, some of which executors believe could be released in album form.
Mr Branca said record sales and other revenue could generate $100 million for the estate by the end of 2009. A movie based on the singer’s last rehearsals, expected to be released in October, and other business deals will generate another $100 million in the same timeframe, Mr Branca said.
Jackson left about $400 million in debts when he died of cardiac arrest on June 25th, the newspaper said. But his assets, including many songs by the Beatles, outweigh his debts by at least $200 million. – (Reuters)