Michael Jackson made over $825 million in 2016, but will he repeat this in 2017 or lose it all, plus some, to the IRS?
In 2016, Michael Jackson pulled in $100 million on top of landing a deal with Sony/ATV for a portion of his music publishing catalog for $750 million. For this reason, Forbes named Michael Jackson as having the biggest total net worth for one year and setting the record for any celebrity — dead or alive.
Since Michael Jackson died on June 25, 2009, it is remarkable that his net worth for one year could soar this high. Despite being deceased for over seven years, there is a chance that Michael Jackson could earn several millions in 2017 as well.
For example, commonly cited ongoing income for Michael Jackson’s estate includes usage of copyrighted materials by movies or commercials from his personal music publishing catalog. Michael Jackson also makes money from his “image” via the Cirque du Soleil MJ One show in Las Vegas.
There are also other niche areas of income that Michael Jackson fans may not expect. For example, vinyl sales may have become a revenue stream that adds to MJ’s yearly net worth, according to Tone Deaf. Adding to this, Michael Jackson’s album Thriller became the first album to sell over 30 million copies in 2015, according to Rolling Stone.
Although many fans assume he sold all of his music and the rights or royalties in the Sony/ATV $750 million deal in 2016, Michael Jackson’s estate still owns a lot of music that is still generating money.
For example, it might be debatable if Michael Jackson’s net worth for 2017 is being contributed to by movies that use his music such as Despicable Me 3. Nevertheless, as 2017 progresses, Michael Jackson’s copyrighted music from his 10 percent stake in EMI worth $220 million could be picked up by commercials, television shows, or movies that use any of his copyrighted music — as well as his “image.”
Furthermore, Billboard stated in March 2016, that the deal with Sony/ATV could also bring in an additional $55 million to his net worth total for 2017.
There are also unexpected avenues for Michael Jackson to increase his net worth in 2017. For example, in 2014, Hollywood Reporter stated that there was a lawsuit settlement over a Michael Jackson hologram dispute.
Sadly, as previously reported by the Inquisitr, Michael Jackson’s family fortune has been threatened because the IRS is currently suing the estate of MJ for $1 billion in back taxes and fines. Part of the issue that will be settled in early 2017 in court by the IRS concerns the price of Michael Jackson’s “image” and his proposed net worth at the time of his death in 2009.
Ultimately, one of the consequences of the IRS lawsuit could be that Michael Jackson’s kids will be threatened financially, but it is unclear how much this IRS lawsuit could affect their inheritance.
Daily Mail wrote in 2015 that Michael Jackson’s estate has made $2 billion since he died, and this net worth is funneled toward his three children and his mother, Katherine Jackson.
According to Telegraph, when the Jackson children turn 40, they will be able to access the full inheritance left to them by their father. In the meantime, the children live off an estimated $8 million per year that comes from Michael Jackson’s estate.
Hopefully, if there are any threats to the promised net worth of Michael Jackson’s children, they can sell off some of his memorabilia at an auction.
For example, around December 9, 2016, Irish Times reported about a Dublin man that cleared his debts by selling two Michael Jackson hats for $140,000 after purchasing them on eBay for only $2,500.
In December 2011, it was reported by the Washington Post that personal furniture and artwork belonging to Michael Jackson was auctioned for $1 million — but the family kept the bed MJ used before he died.
In May 2016, Fortune claims that Julien’s auction company sold the “Beat It” jacket from “Michael Jackson’s History Tour” for $256,000.
On November 4, 2016, Julien’s Auctions also sold a Michael Jackson Thriller contract and real candy bars from Michael Jackson and Lisa Marie Presley’s wedding.
It is also promised that there are plenty of high-paid celebrities willing to take some of their own net worth to give to Michael Jackson’s estate. For example, according to E! Online, when Michael Jackson memorabilia went to auction in 2012, Lady Gaga purchased over 50 items of MJ history.
Interestingly, although Michael Jackson was well-known for making over a billion dollars in his career while he was alive, he was also famous for giving to charity.
For this reason, it should be no surprise to true MJ fans to learn that when Lady Gaga purchased her Michael Jackson personal items in 2012, part of the $5 million that was raised was donated to Guide Dogs for the Blind.
[Feature Image by Vinnie Zuffante/Hulton Archive/Getty Images]