King of pop Michael Jackson has earned £60 million from a surge in music and merchandising sales in the 50 days since his death. And a wave of new contracts – including a film deal – means another £60 million is expected by the end of the year for the late singer, who reportedly owed £265 million when he died.
Experts are predicting his posthumous earnings are certain to overtake those of Elvis Presley, whose legacy netted £33 million last year. Administrators of his estate said this week that interest in the Thriller singer has soared above all expectations. They predict future gains of up to £60 million with each passing year.
"That is a new record for estates which is unlikely to be broken," said the star's lawyer John Branca, who was named co-executor of his estate in Michael's will with music executive John McClain.
The pair have brokered a series of big money deals, including a £36 million agreement with Sony Pictures to produce a film based on the final footage of Michael rehearsing for the O2 shows. The movie hits cinemas in October. Other high-profile agreements include a merchandising deal worth £9 million and a £3 million deal with various companies to produce calendars, medals, and a £90 coffee table book.
Michael's mum Katherine, who was named legal guardian of Michael's children in his will, has apparently made legal moves to be a third executor so she can have a bigger say in how his legacy is handled.
