Joe Jackson Wants Michael's Earnings Published
Joe Jackson Wants Michael's Earnings Published
06 June 2010 14:23
JOE JACKSON's lawyer is demanding publication of MICHAEL JACKSON's posthumous earnings following reports his estate has made $900 million (£600 million) since his death last year (09).
The King of Pop passed away after suffering a cardiac arrest on 25 June and fans flocked to buy his albums and merchandise in the aftermath.
Since his death, Jackson's estate administrators have signed a $250 million (£166 million) deal with Sony which gave the record label full access to the singer's back catalogue and unreleased material.
The release of his This Is It film, which gave fans a glimpse of Jackson in rehearsals for his ill-fated London tour residency, made more than $260 million (£173 million).
An insider tells Britain's Sunday Mirror, "The estate has made around $900 million in cash since Michael's death. This is an incredible amount. No other artist has ever made that much since they died. It should ensure Michael goes down in history as the greatest artist of all time."
But Joe Jackson, who wants a share of the estate, is fuming - and his legal team is calling for administrators to publish details of the star's posthumous earnings.
He tells the publication, "They are being too secretive. The public has a right to know what the estate is doing in his name."
Wow that's a huge amount of money ..
06 June 2010 14:23
JOE JACKSON's lawyer is demanding publication of MICHAEL JACKSON's posthumous earnings following reports his estate has made $900 million (£600 million) since his death last year (09).
The King of Pop passed away after suffering a cardiac arrest on 25 June and fans flocked to buy his albums and merchandise in the aftermath.
Since his death, Jackson's estate administrators have signed a $250 million (£166 million) deal with Sony which gave the record label full access to the singer's back catalogue and unreleased material.
The release of his This Is It film, which gave fans a glimpse of Jackson in rehearsals for his ill-fated London tour residency, made more than $260 million (£173 million).
An insider tells Britain's Sunday Mirror, "The estate has made around $900 million in cash since Michael's death. This is an incredible amount. No other artist has ever made that much since they died. It should ensure Michael goes down in history as the greatest artist of all time."
But Joe Jackson, who wants a share of the estate, is fuming - and his legal team is calling for administrators to publish details of the star's posthumous earnings.
He tells the publication, "They are being too secretive. The public has a right to know what the estate is doing in his name."
Wow that's a huge amount of money ..
Comments
Michael Jackson's estate has earned nearly $1billion since his death
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By Graeme Culliford 6/06/2010
Michael Jackson (pic: Getty)
Michael Jackson's estate has raked in close to a billion dollars in the year since he died.
The huge sum - from record sales and lucrative deals brokered by the estate - is 47 TIMES what the debt-ridden King Of Pop made the previous year.
That's nearly two thirds of what Elvis Presley's estate has made in the 33 YEARS since his death. If the cash keeps rolling in, Jacko's children, Prince Michael, 12, Paris, 11 and Blanket, seven, will get billions from their trust funds when they reach 21.
A source said: "The estate has made around $900million (£614m) in cash since Michael's death. This is an incredible amount. No other artist has ever made that much since they died. It should ensure Michael goes down in history as the greatest artist of all time."
Record sales soared as soon as news of Jacko's death was announced on June 25 last year.
More than 415,000 albums were sold in the first four days in America alone - and 2.3million songs were downloaded across the world.
In the previous year Jacko, who was struggling to pay off $500million of debts and was selling off his beloved Neverland Ranch, had sold just 10,000 records, got cash from 37,000 downloads - and made an estimated $19million.
His estate, run by two US lawyers, has since signed the most lucrative recording contract ever - a $250million deal with Sony for continuing rights to his music and further unreleased songs.
A $200million contract with Cirque du Soleil to create a Michael Jackson show in Las Vegas is also said to be in the pipeline. Jacko merchandise, profits from The Beatles songwriting catalogue which he bought in 1985, and the This Is It film released after his death helped raise the $900m.
The estate has won a court order so details about the money can be kept from the public.
But a lawyer for Jacko's father Joe, who wants a share of the cash, said: "They are being too secretive. The public has a right to know what the estate is doing in his name."
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I thought the 33 million each child would get (stated last week) was way underestimated and this sounds more reasonable. I've bought several of MJ's CD's and movies not including the 5 times I went to the theatre to see TII. I'm sure millions have done the same.
I don't know why Joe is so eager to have this publicized unless he's looking to cash in somehow. Personally, I think they should keep that battle between themselves and the estate lawyers. If Michael is alive, why would Joe do this? I wish people would stop profiting off of Michael.
And I hope that Michael breaks more records financially this year. Go Michael!
I totally am in agreement with you!
I don't think that Joe is trying to cash in. I think he has other reasons. You'll see when the criminal or civil trial starts.