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"When Michael passed last week, he died in debt to the tune of approximately $500 million, at least if the reports we are hearing turn out to be accurate. What seems to have started Michael’s financial decline was when in 1993, he paid the family of 13 year old Jordy Chandler, $22 million dollars to settle the lawsuit they had pending against him. From that point forward he was not really viewed the same, his last album was a failure and yet his taste for expensive things and his ability to spend became legendary. But did you know that in 1985, Michael Jackson paid $47.5 million dollars to purchase and ATV Music Publishing, which happened to own the copyrights of more than 200 songs written by the Beatles’ John Lennon and Paul McCartney?
While so many are star-struck by musicians and performers, the reality is that the money is in owning the copyrights. Most musicians will never get to the point where they can own their own copyrights free and clear.
Reports vary widely with respect to the value of Sony/ATV, ranging from $1 billion to $3 billion. ...if the $3 billion figure is accurate that would mean that even with Sony have rights to half of Jacksons ownership interest there would be enough value in the remaining 25% interest in Sony/ATV to cover Jackson’s reported debts and still have several hundred million dollars left over. So expect a fight with much more detail to come."
Whatever the case, this man's contribution to the world of music and to the lives of billions, is PRICELESS. I frankly don't care if he was a pauper when he died, he's the greatest performer in history.
As a former Ontario native...my last line says it all.
Never heard of any money going to a good cause...like some worthy charity.
NO...not a MJ hater...I'm not a sucker either for crotch grabbing people.
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