Estate of Michael Jackson

rdf:langString Estate of Michael Jackson

rdf:langString The Estate of Michael Jackson is a legal entity established following the death of American singer Michael Jackson for the purpose of administering the property of Jackson, and overseeing the latter's posthumous income. The last will of Jackson was filed by an attorney John Branca at the Los Angeles County courthouse on July 1, 2009. Signed July 7, 2002, it names Branca and accountant John McClain as executors; they were confirmed as such by a Los Angeles judge on July 6, 2009. All assets are given to the (pre-existing) Michael Jackson Family Trust (amended March 22, 2002), the details of which have not been made public. The Associated Press reports that, in 2007, Jackson had a net worth of $236.6 million: $567.6 million in assets, which included Neverland Ranch and his 50% share of Sony/ATV Music Publishing' catalogue, and debts of $331 million. The guardianship of his three children is given to his mother, Katherine, or if she is unable or unwilling, to singer Diana Ross. Jackson's will allocates 20% of his fortune as well as 20% of money made after death to unspecified charities. In 2012, in an attempt to end a family dispute, Jackson's brother Jermaine retracted his signature on a public letter criticizing executors of Jackson's estate and his mother's advisers over the legitimacy of his brother's will. T.J. Jackson, son of Tito Jackson, was given co-guardianship of Michael Jackson's children after false reports of Katherine Jackson going missing. Media reports suggested that the settlement of Jackson's estate could last many years. The value of Sony/ATV Music Publishing is estimated by Ryan Schinman, chief of Platinum Rye, to be US$1.5 billion. Shinman's estimate makes Jackson's share of Sony/ATV worth $750 million, from which Jackson would have had an annual income of $80 million. In September 2016, a deal was finalized for Sony's acquisition of Jackson's share of Sony/ATV from the Jackson estate for $750 million. In 2016, Jackson's estate earned $825 million, the highest yearly amount for a celebrity ever recorded by Forbes.