When it comes to celebrities that continue to earn big bucks long after they have been buried six feet underground, the King of Pop is still King even 11 years after his death. Michael Jackson's estate continues to rake in the money, solidifying his status as the highest-paid dead celebrity. Despite the controversy surrounding the 2019 documentary "Leaving Neverland," Jackson's Mijac Music catalog, which encompasses timeless tracks by legends like Elvis and Aretha Franklin, remains robust. This catalog accounts for a staggering 70% of the $48 million he made in the past year, far exceeding the earnings of the second-highest-earning deceased celebrity, Dr. Seuss, who raked in $33 million.
Upon Jackson's untimely passing, his estate faced a mountain of debt, totaling $500 million. Nevertheless, his executors swiftly moved to stabilize the financial situation. They orchestrated a groundbreaking deal, selling Michael's future music rights to Sony for $250 million—the largest record deal in history. Additionally, they sifted through thousands of hours of personal video footage to create the film "This Is It," which grossed over $261 million worldwide. The success of the film and lucrative endorsements, including a partnership with Pepsi and collaborations with Cirque du Soleil, have significantly boosted the estate's financial health.
Moreover, Jackson's legacy extends beyond his music. He left behind tens of thousands of personal items and memorabilia, all carefully stored until his three children reach adulthood. This year, following Prince Michael Jackson II's 18th birthday, decisions regarding these cherished items began. With Michael's passing on June 25, 2009, at the age of 50, his estate has consistently generated impressive revenue, except for 2017 and this year, where the pandemic affected income streams. The estate's income provides insight into the lasting impact of Jackson's artistry and how his legacy continues to thrive.
Table of Contents
- Biography of Michael Jackson
- Financial Success After Death
- Personal Items and Memorabilia
- The Lasting Legacy of the King of Pop
- Final Thoughts
Biography of Michael Jackson
Michael Joseph Jackson was born on August 29, 1958, in Gary, Indiana. He was the eighth of ten children in the Jackson family. Michael began his career at a young age as the lead singer of the Jackson 5, a Motown group that skyrocketed to fame in the late 1960s and 1970s. His unique voice and dynamic dance moves quickly made him a household name.
| Detail | Information |
|---|---|
| Birth Date | August 29, 1958 |
| Death Date | June 25, 2009 |
| Famous Albums | Thriller, Bad, Dangerous, HIStory |
| Notable Awards | 13 Grammy Awards, 26 American Music Awards |
Financial Success After Death
Michael Jackson's estate has witnessed remarkable financial success since his passing. In the years following his death, it generated over $100 million annually, with notable peaks like $825 million in 2016. His estate capitalized on various revenue streams, including music sales, film rights, and merchandise. The deal with Sony and the release of "This Is It" were pivotal in revitalizing his financial standing.
Personal Items and Memorabilia
Jackson's estate also houses a vast collection of personal items and memorabilia stored in three large warehouses in Southern California. This collection includes costumes, awards, and personal belongings that celebrate his artistic journey. The arrangement ensures that his children will have the opportunity to decide which items to keep or auction once they reach the age of 18.
The Lasting Legacy of the King of Pop
Michael Jackson's influence on music and culture is immeasurable. His groundbreaking music videos and iconic dance moves revolutionized the industry, setting a standard for artists worldwide. The King of Pop's legacy continues to inspire new generations of musicians and entertainers, ensuring that his contributions to the arts will never be forgotten.
Final Thoughts
The legacy of Michael Jackson remains a testament to his unmatched talent and enduring impact on the entertainment world. His estate's ongoing financial success and the preservation of his personal items highlight the love and admiration fans continue to hold for the King of Pop. As we remember Michael Jackson, we celebrate his incredible contributions to music, dance, and pop culture.
