Michael Jackson's estate is doing better than the economy. Millions and millions keep pouring into Michael's estate following his death.
His estate is being "flooded" with money from film and merchandising contracts. The estate has already earned $100 million since his death on June 25th and is expected to earn an additional $100 million by the end of the year, and expect him to overtake Nirvana rocker Kurt Cobain and Elvis Presley.
Lawyer John Branca, who is co-executor of Michael’s estate, said: “Clearly this will be a new record for estates that likely will not be broken. Elvis’ estate makes £33million a year. This will be a bigger estate.”
Michael's co-executors John Branca and music executive John McClain, still plan on making the estate more money by putting together a series of deals for commemorative coins, school supplies, a coffee-table book and a film.
Branca also said Michael's estate has no plans to sell its 50% stake in the catalog of songs by the Beatles and others that it owns with Sony Corp; he thought the relationship between the estate and Sony would remain about the same, according to the Los Angeles Times.
Branca began representing Michael in 1980, but the pair parted in 2006. Just days before Michael's death, on June 17th, he was rehired by Michael and they were in talks for several projects together, including the movie deal, Broadway and the coffee table book.
We just hope Michael's kids get a big chunk of the estate money and there isn't anything shady done behind their backs!