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Michael Jackson’s Estate Banks Over $300 Million Since His Passing

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Michael Jackson’s Estate Banks Over $300 Million Since His Passing

The estate of the Michael Jackson has been cashing in since his untimely passing. In the latest accounting of the King of Pop’s posthumous empire, the estate has earned a whopping $310 million since the singer’s death from an accidental drug overdose in June 2009.

Outside of the extensive music and merchandising deals, the “This Is It” movie has been a huge contributor to the pot, grossing more than $261 million worldwide, according to boxofficemojo.com.

The estate has paid back roughly $159 million in debts and expenses of the $400 million debt the empire faced, court documents revealed. In addition, the estate has paid for “substantial improvements” to the Jackson family compound in Encino, Calif., and supports Jackson’s mother and three kids, the paper’s show.

The kids started out with a monthly allowance of $50,100 and got $59,629 monthly allowance in October. Meanwhile, Katherine Jackson has complained publicly that the $7,000 to $8,000 cash allowance she receives each month has not been enough to cover expenses. The estate used to pay her $26,804 monthly.

The papers also say Michael Jackson neglected to pay his taxes in 2006, 2007 and 2008, so the lawyers had to straighten all that out.

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