Jackson Estate to Gain Millions Through Deals
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WENN.com
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Saturday, August 08, 2009
Michael Jackson's estate will accrue "close to $100 million" through deals the administrators of his will have negotiated following his death, according to his brother Jermaine.
Los Angeles Superior Court Judge Mitchell Beckloff approved several contracts for memorabilia sales on Friday, allowing the production of Jackson-themed products including calendars, school supplies, posters and a commemorative coin.
Beckloff also authorized Jackson's 20-year-old memoir Moonwalk to be reprinted for sale in China, Korea and several Eastern European countries.
Financial details of the deals, presented to Beckloff by Jackson estate administrators John Branca and John McClain, have not been disclosed -- but Jermaine has heaped praise on the men for their work, estimating they have accumulated up to $100 million.
Jackson tells talk-show host Larry King, "These are people we have known for many, many years. They are doing an incredible job. They have raised a lot of money, close to $100 million for the estate. They are following out Michael's wishes accordingly."
Attorney Branca and music executive McClain were named in Jackson's will as executors but they have been granted limited authority as "special administrators."
Beckloff will hold another hearing on Monday to consider several more contracts, including a lucrative movie with Columbia Pictures that could net the estate $60 million for the rights to rehearsal footage filmed as the star prepared for his ill-fated This Is It comeback concert.
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