www.411mania.com
|  News |  Album Reviews |  Columns |  News Report |  Hall Of Fame |
SPOTLIGHTS  SPOTLIGHTS
MOVIES/TV
// Vivian Kindle Twerks In Thong Bikini On Instagram
MUSIC
// Aubrey O'Day Snaps New Pics of Her Hot Lingerie Body for Instagram
WRESTLING
// Batista Taking Time Off Following Extreme Rules?
MMA
// Top 10 Fabricio Werdum Fights
GAMES
// Activision Working with Microsoft to Ensure Xbox One Release of The Amazing Spider-Man 2


CD REVIEWS  CD REVIEWS
//  Jason Derulo - Talk Dirty Review
//  Wilko Johnson and Roger Daltrey - Going Back Home Review
//  Kaiser Chiefs - Education, Education, Education & War Review
//  The Used - Imaginary Enemy Review
//  Howler - World of Joy Review
//  Lacuna Coil - Broken Crown Halo Review
 HOT ARTISTS
//  Kanye West
//  Rihanna
//  Nicki Minaj
//  Lil Wayne
//  Lady GaGa
SYNDICATE  SYNDICATE



411mania RSS Feeds





Follow 411mania on Twitter!




Add 411 On Facebook
 


 
 411mania » Music » News

Advertisement
Michael Jackson's Estate Claims He Was Broke When He Died
Posted by Joseph Lee on 02.10.2014



TMZ reports that Michael Jackson's estate claims that he was broke when he died and the IRS' investigation is ignorant.

They also claimed that they never said the Beatles catalog was worth nothing, and agree that it's worth around $1.5 billion. The reason they put zero in that section when they filed tax returns after Jackson's death was a $700 million loan taken against the purchases of the catalog, which brought then net value to $800 million. Jackson and Sony were partners and split the amount evenly, so Jackson's share was $400 million. Jackson leveraged his interest and borrowed $320 million against the catalog. When added with the $200 million in personal debt, it had that amount at zero. His estate said the catalog is worth $1.5 billion but the IRS says it's double that.

Jackson's estate claims the IRS is also wrong about Jackson's likeness and image. It was valued at $2,105 when he died but the IRS claimed it was worth $434 million. His state claims that in June 2009, Jackson didn't make any money on his likeness and image for fifteen years before his death as no one wanted to be associated with him commercially.

Finally, the estate said that the Jackson 5 music collection was worth $11.2 million and the IRS said it was $45.5 million. After settling with Motown, Jackson's interest was less than believed. The estate says they would sell the rights for the IRS' believed amount, or even $30 million.





MUST-READ 411 STORIES:

8 Best Comic Storyline Adaptations

Top 10 Fabricio Werdum Fights

Bootylicious Babe Hits The Beach


comments powered by Disqus





www.41mania.com
Copyright (c) 2011 411mania.com, LLC. All rights reserved.
Click here for our privacy policy. Please help us serve you better, fill out our survey.
Use of this site signifies your agreement to our terms of use.