It’s been about a year since Michael Jackson passed away, but the King of Pop is quite possibly making more money in death than when he was living. It’s not uncommon for celebrities to earn big bucks after their lives end. According to Yahoo! News, it happened to Elvis Presley and Yves Saint Laurent.
So how can someone possibly make more money post-mortem? For starters, Jackson isn’t around to spend money lavishly. New revenue is also coming in and fans are snatching up nostalgic memorabilia. Jackson once had more than $500 million in debt but now bills are being paid and money is being saved for Jackson’s children.
In the past year Jackson’s estate earned more than $250 million. According to reports, executors have used that massive income to pay off $70 million in debt including the remaining $5 million mortgage on the Jackson compound in Encino. “They’re off to a spectacularly good start,” Lance Grode, a former Jackson lawyer and adjunct professor at the University of Southern California Law School, told Yahoo!. He added, however, “there’s a long way to go before they pay off all of their debts.”
Tags: debt, king of pop, Yves Saint Laurent, Elvis Presley, Michael Jackson
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