iTunes Sales: The Value Of Michael Jackson’s Estate
If you ever doubted the importance of resolving the legal issues surrounding Michael Jackson’s estate, stop and look at these iTunes stats.
As of Sunday night, Michael’s singles and albums dominate the top 10 on iTunes. Yes, this shows Michael is popular, but it also shows the present value of his future earnings, which will play an integral role in paying off creditors. In addition, the economic value of Michael’s songs and image may support his children and family for years to come.
Just ask anyone benefiting from the estates of dead celebrities. Forbes estimates that celebrity estates can earn as much as $194 million in a given year. Notable examples from 2008 include: Elvis Presley ($52 million), Marilyn Monroe ($6.5 million), and Marvin Gaye ($3.5 million).
Thus far, it looks like Randy Jackson (not the American Idol judge) may be in charge of Michael’s affairs, but no one has confirmed the existence of a will or a specific plan to divvy up the estate.
UPDATE: Katherine Jackson filed court papers today asking to serve as the executrix of MJ’s estate, alleging that he had no will. A former lawyer for MJ, however, says there is a will and he will file it with the court soon. Click here.
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OK, really? The Black Eyed Peas are the only group that can stay on the chart with posthumous Mike? REALLY?!
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