Michael Jackson’s Life Up For Grabs
For a minute there, the entire history of pop music was hanging in the balance of some very unsteady hands. Michael Jackson’s esate, now in the control of his family, is famously known to include the entire Beatles discography but TMZ assures us the Fab Four’s musical history will not be included in a massive auction scheduled for April.
Jackson’s personal effects, many from his fabled Neverland ranch, will be auctioned to boost the assets in order to pay off the debt claimed by a number of creditors, according to the Guardian UK. But the Beatles catalogue, and the rest of Jackson’s publishing catalogue, will stay in the trust of his kids who can expect to profit more from it in the long-term than any immediate return if it were sold now.
In financial reports released in August, Jackson’s bottom line net worth was calculated to be $1,360,839,979, according to TMZ who viewed the documents. Of that, though, $1,150,000,000 is the Sony-ATV Publishing Trust holding the Beatles catalogue. The Jackson trust purchased ATV in 1985, after McCartney turned down the opportunity, and merged it ten years later in a deal with Sony. Now the third-largest music publishing company in the world, it owns the rights to music by Bob Dylan, Elvis Presley, Eminem, Willie Nelson and Taylor Swift, to name a few.
