Michael Jackson still makes money while he is dead – amazing! TMZ reports that MJ’s estate has made more than $310 Million since his death in 2009.
According to documents filed in court, MJ had more than $400 Million in various debts. $159 Million has been paid back in satisfying those debts, while the money has also been used for “uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson’s children as Michael intended.”
The executors also claim they have “successfully rebuilt and enhanced Michael Jackson’s image” since they’ve been empowered to run the estate.
The court appointed administrator for the estate, Robert Jeffs, has requested to sell the home and plans to list it at $324,000. The home requires a major fix up as can be seen by photos obtained by TMZ.
Another interesting point – there is still $325,158.58 owed on the mortgage, according to TMZ.
No matter what money-making activities Katherine and Joe Jackson get up to for awhile, they likely won’t be pocketing the cash. TMZ is reporting that the family owes a South Korean newspaper, the Segye Times, more than $13 million.
The Segye Times had dished out $5.5 million to back a Jackson family concert series that never happened, and apparently the Jackson’s haven’t paid up. Trying to get their money back, in 1994 the newspaper sued and was awarded $4 million; jump ahead to 2010 and with interest factored in the Jackson’s are in the red for over $13 mil.
A lawyer for the newspaper tells TMZ that the company is looking to snatch up profits come in, including cash coming in from Katherine’s book, any movies that she helps to produce (she’s teaming up with Howard Mann right now), and all other sources of income.
Sources tell TMZ that the Segye Times will be in court in September attempting to squeeze anything they can from the estate’s bank account—which is reportedly also in big debt.
According to TMZ, the King of Pop is set to star in a new video game that will essentially be a “dance karaoke.” Unlike many other ventures surrounding the deceased Jackson, apparently the pop singer’s estate is totally on board for this plan. Basically, gamers will see Jackson dancing on screen and then will be challenged to imitate his movements.
The game, currently untitled, will be available on multiple gaming platforms including Wii and Xbox 360. The Xbox version will include Microsoft’s new Kinect motion capture technology which will allow players to participate in the game without holding a controller.
Also in the Xbox version, the player will be judged based on full body moves; the game will process the player’s movements and display them on screen, dancing alongside Jackson.
If that wasn’t spectacular enough for aspiring Princes of Pop everywhere, the game also includes a karaoke feature which will allow players to sing along to Jackson songs and even funk up their voices with an autotune feature.
The game is being developed by Ubisoft (the same company behind Assassin’s Creed and Ghost Recon) and they have apparently secured permission from Jackson’s estate, so this is sure to go ahead. The game is scheduled to be released sometime before Christmas.
PerezHilton reports that Coleman’s parents wish to honour their son’s instructions, and hope those in charge are responsible and treat Gary’s memory with respect. PerezHilton also reports that Gary’s ex-wife Shannon Price maybe in charge of the estate.
Sue and Willie’s lawyer, Frederick A. Jackman, issued a statement on behalf of the couple.
“From the start, Mr. and Mrs. Coleman’s intention has been to see that Gary’s wishes be honored and that his affairs be taken care of properly. They wanted to do things the right way, and they urge those still involved to do the same. The Colemans ask that everyone please treat Gary with respect and kindness. They feel it is time for him to find peace and let his spirit go.”
Entertainment company The Machine Management is requesting $285,000 from Michael Jackson’s estate, claiming the late singer hired them to develop commercial relationships in the animation world, reports TMZ. He was reportedly looking to create a Michael Jackson film label to do original films.
Howard Weitzman, the estate’s lawyer, says he is mulling the claim over.
Yes you read that title correctly – Joe Jackson wants an allowance from Michael Jackson’s estate. TMZ is reporting that Joe Jackson feels he is entitled to a “maintenance” allowance out of the estate, however Michael Jackson specifically did not include his father as a beneficiary over concerns he would waste the money on lavish expenses.
Sources tell TMZ the creditors come from a variety of different groups. The claims include $5 million from a memorabilia collector, $1 million from someone who wants a cut of the “Thriller” music video, a $2.3 million claim from Dr. Tohme Tohme and a $1.5 million claim from a law firm (there are a number of other law firms that want a piece of the estate). Although all these cases need to be presented to a judge, we can guarantee you another group of lawyers will be making a fortune figuring this all out!
It looks as though the King of Pop will live on, not just in spirit, but in a documentary entitled “Michael Jackson’s This Is It.” Less than a week after the trailer for the eagerly anticipated production debuted during the VMAs, a Los Angeles Superior Court judge has approved a deal to release a soundtrack to the film.
According to the LA Times, Superior Court Judge Mitchell Beckloff approved a deal on Thursday afternoon that gives Jackson’s longtime label home, Sony Music Entertainment, permission to release a CD to accompany the film, which chronicles Jackson’s rehearsals for what was to be his comeback residency at the O2 arena in London.
The poster for Michael Jackson’s This Is It has officially been released by Sony Pictures, who are producing the film. This Is It hits theatres on October 28th and features the legendary singer preparing for his last performance which would have taken place beginning this summer starting at London’s O2 Arena. The Estate of Michael Jackson is in full support of the release of the film.
Britney Spears’ father is still the conservator of her estate, at least until Valentine’s Day.
Jamie Spears was given the responsibility for his daughter’s well-being on Friday, but it was only a temporary order. He faced off against Britney’s lawyer again yesterday and won, with the extension of his role as her caretaker until Feb. 14.
MTV reports that Jamie Spears contested that his daughter did not have the mental capacity to hire her attorney, Adam Streisand, and therefore she should not be in his legal charge.
Britney is still hospitalized, and is rumoured to be receiving treatment for bipolar affective disorder.