Pop star Michael Jackson’s estate has earned more than $310 million in revenue from merchandising, album sales, a film, and other products between his death in June 2009 and December 2010, court papers show.
His estate’s administrators have used $159 million of the revenue to pay down the music legend’s debt, which totaled more than $400 million when he died, according to Reuters.
“Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt,” state the court documents filed on Thursday, as quoted by Reuters.
Jackson’s estate generated money from products such as the concert movie This Is It and the new album Michael, which includes previously unreleased songs. The estate’s beneficiaries include Jackson’s children, mother, and various charities.
Despite the revenue, the estate is still handling a series of lawsuits, include a dispute over Jackson’s 1982 album Thriller, according to The Associated Press. Thriller remains the best-selling album of all time.
The “King of Pop” died at age 50 from an overdose of drugs, particularly the anesthetic propofol, at his rented mansion in the Holmby Hills district in Los Angeles.