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MICHAEL JACKSON Estate Clears MJ's Massive Debt ... Almost

ivy

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Michael Jackson's estate has made a fortune since the singer's death -- so much in fact ... it's nearly paid off $500 million in debt the King of Pop left behind when he died.

Executors for the Estate filed legal docs -- obtained by TMZ -- which show the Estate has generated gross earnings exceeding $475 million as of the end of May.

According to the docs, all of MJ's debts have been paid, with the exception of a BIG debt involving Michael's publishing catalog ... and executors expect that will be fully paid off by the end of the year.

It's not only good news for the Estate ... it's great news for the small army of lawyers who have been handling all the legal and business affairs. Their fees -- from May, 2010 through November, 2011 -- exceeded $13.6 MILLION!

Two other things ... Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.

Final thing --There are still some unresolved creditors' claims and several lawsuits to clear up.

All in all ... not a bad turnaround.

http://www.tmz.com/2012/07/13/michael-jackson-estate-debt-almost-cleared-catalog/
 
Since the Michael Jackson estate is probably paying for the lawyers representing Katherine against AEG and if she gets a settlement will she share that settlement with the estate? If she gets a settlement will she pay back the estate for the money she was loaned to pay back the Koreans?
Answers are probably "NO" and "NO"

Thank you Ivy:wub:

This paying off of the debt proves once again that Michael chose the right people to run his empire. Good for you Michael!!
 
Big Ups To The Estate Of Michael Jackson! Job well done.

Mother needs $34,00.00 extra per month to pay for lawyers AND accountants, what is she running a mini-conglomerate? LOL!
 
Michael's Debt is being paid off with Michael's Money. Who's BAD Michael of course.
 
So Katherine hired a group of lawyers in AEG lawsuit and asked the estate to pay the bill?
 
:clapping: :clapping: for the Estate !! yes Michael knew what he did when he chose them, they really do a great job !
 
Michael always had the earning potential to clear the debt himself - we saw that with how quickly the 50 O2 Arena dates sold out in 2009. However, due to the trial situation between 2003-2005, and the fact that Mike needed to take time out for a couple of years after that, his earnings dropped.

I think the reason Mike had accumulated this debt is because he hadn't toured since 1997. Most artists earn their money these days through touring and live performances, as sales of music have dropped due to illegal file sharing. So the term "cash poor, asset rich" sums up the situation for MJ in his final years.

Glad all this debt has now been paid off, or nearly paid off.
 
A lot of people have things to say about certain decisions Michael made in his lifetime, but this one, having John Branca leading the charge in the managing of his Estate was an absolutely well thought out decision. Given who MJ is/was, the choice had to be someone who could get the job done and clearly none of the Jackson's would've been able to handle the financial aspect etc. of this Estate.
 
That's great News. Michael knew Branca is the MAN when it comes to handling his Estate.
They have been more than generous to Katherine. And Im sure they will continue to do so
within reason.
 
Thank god the debt is nearly over. All the lawsuits and the suing that Michael had suffered over the years had got to stop and they're nearly paid off. Thank God!
 
I just don't understand how he had so much debt but was still able to live almost the same life style with out touring making music. I guess he had money coming in from some where and also Michael Jackson did not come back right away and still kept his assets. If you say living off loans but the bank does not give that kind of money if you don't have the ability to pay it back. I truly believe he knew he could make big money really quickly being that he came back to the seen at the age of fifty touring and other business ventures.
 
Lets not forget Mr McClain even though you never see him. He gets the thumbs up as well
 
I am glad. John Branca and John Mcclain are doing a good job. Michael was wise in who he wanted to run his estate for him.
 
I am so THRILLED :heart: and at peace knowing the people that Michael placed his trust in to make sure his Children, Family and Charities he loved so much would be cared for PROPERLY is being done ! God is good and Michael is the angel on earth as he is in heaven AMEN :pray::dancin::bow:
 
Estate has generated gross earnings exceeding $475 million as of the end of May.

This is the total gross earning since 2009?
I guess they have to pay the operational fees and other fees and have investment in projects like IMMORTAL

so the 475 million cannot go directly to pay off the debts, right?
 
The Estate is doing an excellent job taking care of MJ's assets and affairs, it's undeniable but is $500 millions a credible amount of money? I don't know what to believe anymore when it has to do with TMZ. I've heard it was a debt of $270 or $350 millions...
 
Well done MJ Estate!

I'm assuming the said lawyers' fees are to fund her lawsuit against AEG.

Ivy, can the Estate turn down her request or do they have to meet her demands
 
ivy said:
that money is not handed out, it's put in a trust for the beneficiaries. The trust documents doesn't say to give out the money. Katherine is looked after , her expenses are paid and the children will not get any payment until they are 18.
Click to expand...

And while the percentage intended charity, you know something about it?

thanks!!!
 
From day one Branca and his team focused on taking care of Michael's business, growing the estate's wealth, continuing his legacy, and getting rid of the leaches suing Michael. It is a pity that Katherine is using Michael's money to hire attorneys to sue AEG. If she dropped this case, all this money that she is asking for can go back into the estate to take care of important matters.

These articles never indicate that a lot of this debt was due to the acquisition of assets. I guess it is better to have the public think that Michael's debt was due to irresponsible spending.
 
If Michael's estate almost clears the debt, there is no way for me to believe the 500 millions amount. The estate grossed 475 millions and a lot of these money had to be paid for taxes, salaries, legal fees, production fees, Katherine and michael children's life + Katherine's extra demands+her debts+2 houses...
 
^^It depends on how much the debt is. I have seen several different numbers since the day he died. The estate knows the true amount of the debt and the financial and tax documents will provide information as well.
 
I think some of the debt was paid down before Michael died. I recall hearing years ago that his proceeds from the catalog were going to pay debt
 
Justthefacts said:
I think some of the debt was paid down before Michael died. I recall hearing years ago that his proceeds from the catalog were going to pay debt
Click to expand...

Also paying his debt was a continuous process since the team took over, so I am not surprised that so much of it has been paid. Additionally, some of high interest on loans were reduced, so the estate has more money to work with.
 
Is there any truth to people saying that "Michael was broke/poor when he died"...? Did he have any money during the final days of his life?
 
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