In 2020 alone, the reputation and musical legacy that Michael Jackson left behind still brought in revenue of up to 48 million USD – a dream number for a contemporary artist.
The world music industry has produced legends that will forever exist in the hearts of fans, and Michael Jackson is one of them. He is one of the musicians who left behind a huge artistic legacy as well as a significant net worth. The great thing about Jackson is that in addition to music, he also has a passion for investing in real estate. And 14 years after his death, Jackson remains a wealthy musician, as his fortune swells to $2 billion. But what is happening to these assets? Is it being used for charitable purposes or inherited by family members?
The King of Pop
Michael Jackson is revered as the King of Pop thanks to his great achievements in art. During his career, Michael Jackson probably sold up to 400 million music records. He also won a series of prestigious awards such as Golden Globe, Grammy and Juno. Guinness World Records also confirmed Michael Jackson as the most successful entertainer of all time.
And in parallel with his illustrious music career, Michael Jackson’s wealth is also constantly increasing. And with the money in hand, he invested in a series of real estate next to Neverland Ranch, worth about 19.5 million USD. The property also incurs annual maintenance fees of $10 million.
Assets continue to multiply even though the owner has passed away
As of 2009, when Jackson died, his assets were worth $500 million. However, that fortune has continued to increase since then, worth about 873 million USD in 2020. In 2020 alone, the reputation and musical legacy he left behind still brought in income. up to 48 million USD. It is known that this extremely high amount of money comes from music copyrights and profits from long-term contracts with Sony (accounting for 70% of income)
14 years after Michael Jackson passed away, the real estate he left behind continues to increase in value. In May 2021, an American judge ruled that the pop legend’s net worth (from real estate) was at 111 million USD, according to SCMP. Since Jackson had so many fans during his lifetime, people also wanted his legacy to continue through the assets he acquired. And instead of selling the property, they invest in maintaining its value.
Entering 2023, Michael Jackson will probably still lead the list of stars who still make money despite their death. Evidence is that on March 8, Variety reported that Michael Jackson’s estate is about to reach an agreement to sell half of the rights to the music catalog he left behind, in a deal worth up to 900 million USD. If it goes ahead, the deal would be the largest in the music catalog market today.
Who benefits from Michael Jackson’s assets?
The beneficiaries of the proceeds from Jackson’s estate were his mother, Katherine, and his children, Paris, Prince and Blanket. Jackson’s associates were good enough to protect his fortune, also to protect the future of his children. Now, most of his family members own assets worth tens or hundreds of millions of dollars. However, the people legally responsible for the King of Pop’s fortune are John McCain and John Branca. They are also the ones who helped the fortune “make more money” significantly by creating unique business opportunities, especially in the entertainment industry.
Inheriting huge wealth from their father, how are Michael Jackson’s children living? The eldest son Prince’s college education was completely covered and his guardian, Jackson’s nephew, had $75,000 of his own for vacation expenses. This guardian also receives fuel allowance and medical services.
The King of Pop’s children are also learning from their father’s real estate investing habits. Daughter Paris spent $250,000 to build a luxury resort. In addition, Paris also built a private house at a cost of 225,000 USD in Los Angeles. Blanket and Katherine’s annual housing costs amount to about $111,000.
Michael Jackson’s children
On June 25, 2009, the whole world was stunned by the news that Michael Jackson suffered a cardiac arrest due to a propofol overdose. A few years before his death, Jackson encountered some financial difficulties, forcing him to leave Neverland. His children all admitted to having witnessed their father struggle with financial challenges at some point in his life. They then had to move across towns, and friends and family had to support them. And even in debt, Michael Jackson also spent some money on charity. Perhaps that is what made him more loved and determined to help protect his property and family.