Michael Jackson’s estate has made a fortune since the singer’s death — so much in fact … it’s nearly paid off $500 million in debt the King of Pop left behind when he died.
Executors for the Estate filed legal docs — which was obtained by TMZ — which show the Estate has generated gross earnings exceeding $475 million as of the end of May.
According to the docs, all of MJ’s debts have been paid, with the exception of a BIG debt involving Michael’s publishing catalog … and executors expect that will be fully paid off by the end of the year.
It’s not only good news for the Estate … it’s great news for the small army of lawyers who have been handling all the legal and business affairs. Their fees — from May, 2010 through November, 2011 — exceeded $13.6 MILLION!
Two other things … Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.
Final thing –There are still some unresolved creditors’ claims and several lawsuits to clear up.
All in all … not a bad turnaround.
