Michael Jackson was besieged with debts when he died in 2009, but five years later, court documents filed in California reveal his estate has raked in revenues of $600 million, in addition to $18 million in cash, Webpronews.com reports.
Jackson's kids - Prince, Paris and Blanket - will be the main beneficiaries of the haul, with each set to receive $8 million annually, including $3 million for education, $600,000 for security, $28,500 toward monthly rent, $300,000 for vacations and $15,000 as pocket money.
During his lifetime, the King of Pop is reported to have owed nearly $400 million. His extravagant lifestyle led him to spend anything between $30 million and $50 million on himself annually. In addition, he engaged in extravagant video projects, their total costs amounting to $65 million. Jackson also spent huge amounts on divorce settlements and lawsuits.
The Neverland Valley Ranch was one of Jackson's biggest purchases, which he converted into a private amusement park and home between 1988 and 2005. While the ranch cost him $17 million, the annual maintenance cost of the property was a whopping $5 million.
At the time of his death, Jackson owed huge sums to his lawyers, agents and publicists. In order to avoid the sale of his music portfolio, his executors struck up a number of publishing and licensing deals. They sold the future music rights of the singer to Sony for $250 million. Moreover, they combined home videos to produce the movie "This is it," which has grossed in excess of $500 million so far.
