According to XConnect:
MICHAEL’S ESTATE MAKES MAD LOOT!
Michael Jackson had major money woes before he died, but his estate has made insane amounts of cash since the King of Pop’s untimely death two summers ago. Documents show that the estate has earned over $310 million since Michael died in June of ’09.
TMZ looked over the estate’s financial filings and found out that Michael was $400 million in debt when he died. But in the year-and-a-half since MJ’s passing, the estate has raked in over $310 million. The executors have paid $159 million of that to various creditors and to the IRS. Some of the money was also used for Michael’s funeral and to support his mom and three kids. The estate also covered the costs for “substantial improvements” that Katherine made to the Jackson family estate in Encino, California.
On top of the $400 million in debt, Michael’s estate owes concert promoter AEG $40 million in liabilities from the “This Is It” tour which Michael was rehearsing for when he died. The estate is also looking at about 65 creditor’s claims and several lawsuits in various countries.
