Michael Jackson's lucrative afterlife has just begun
Filed under: Company News, People, Media
Michael Jackson, the man they called "The King of Pop," worried he would end up dead like "The King of Rock 'n' Roll" Elvis Presley, the father of his ex-wife Lisa Marie. Jackson's worries are proving to be prophetic.
Already, the price of Jackson memorabilia is soaring. Pop culture expert Gary Sohmers, who also is an appraiser on "The Antiques Roadshow" told DailyFinance that he saw a reproduction of a Jackson autograph fetch $1,400. Jackson's actual autograph fetches about $400 to $800. Sohmers, a former music promoter who runs allcollectors.com, cautions would-be collectors against buying into Michael mania.
Settling Jackson's estate will be complex. Media reports indicate that the entertainer was $500 million dollars in debt when he died, despite having made $700 million as a performer over his career.
There's also the matter of what will happen to his three children. His mother Katherine's efforts to seek legal custody of the the kids, including "Blanket", who Jackson infamously dangled out of the window, are being opposed by Deborah Rowe, the mother of two of them.
Then there's the property. Jackson reportedly recorded 100 "secret songs" over the years. He also has the property from the Neverland Ranch, an auction of which Jackson canceled in April days before it was scheduled to occur. Julien's Auctions is selling a set of catalogs detailing items in the sale for $500. A phone call to Julien's to find out if the sale was rescheduled was not returned.
Probably Jackson's most valuable asset was his stake in a partnership that owned the publishing rights to more than 200 classic Beatles songs. He spent $47.5 million to buy the rights in 1985; now his share is worth more than $500 million, according to The New York Times. But selling the tunes won't mend the King of Pop's troubled finances all by itself, because he used the collection as collateral for $300 million in loans that still must be repaid.
Before he died, interest in Jackson collectibles was on the decline as fans voiced their disgust over the child molestation allegations against him. That, of course, has changed. Recent sales have been through the roof -- including $25,000 for a painting he did as a child of Micky Mouse. A crystal-studded shirt sold for $52,000, ahead of the $6,000 sales estimate, according to Sohmers.
Jackson has joined a pantheon of music dieties including Frank Sinatra, Kurt Cobain, Bob Marley and John Lennon who will continue to interest collectors for generations to come. Jackson's money woes may be solved through smart licensing arrangements.
"He will make more money in his death than he did in his life," Sohmers said. "My 13-year-old got the opportunity to discover Michael Jackson."
Already, the price of Jackson memorabilia is soaring. Pop culture expert Gary Sohmers, who also is an appraiser on "The Antiques Roadshow" told DailyFinance that he saw a reproduction of a Jackson autograph fetch $1,400. Jackson's actual autograph fetches about $400 to $800. Sohmers, a former music promoter who runs allcollectors.com, cautions would-be collectors against buying into Michael mania.
There's also the matter of what will happen to his three children. His mother Katherine's efforts to seek legal custody of the the kids, including "Blanket", who Jackson infamously dangled out of the window, are being opposed by Deborah Rowe, the mother of two of them.
Probably Jackson's most valuable asset was his stake in a partnership that owned the publishing rights to more than 200 classic Beatles songs. He spent $47.5 million to buy the rights in 1985; now his share is worth more than $500 million, according to The New York Times. But selling the tunes won't mend the King of Pop's troubled finances all by itself, because he used the collection as collateral for $300 million in loans that still must be repaid.
Before he died, interest in Jackson collectibles was on the decline as fans voiced their disgust over the child molestation allegations against him. That, of course, has changed. Recent sales have been through the roof -- including $25,000 for a painting he did as a child of Micky Mouse. A crystal-studded shirt sold for $52,000, ahead of the $6,000 sales estimate, according to Sohmers.
Jackson has joined a pantheon of music dieties including Frank Sinatra, Kurt Cobain, Bob Marley and John Lennon who will continue to interest collectors for generations to come. Jackson's money woes may be solved through smart licensing arrangements.
"He will make more money in his death than he did in his life," Sohmers said. "My 13-year-old got the opportunity to discover Michael Jackson."
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Reader Comments (Page 1 of 24)
6-29-2009 @ 2:28PM
Johannes said...
OK. Jacko is dead thru self distruction on drugs. Its time to move along to some real on going news in this world we have.
Reply
6-29-2009 @ 3:47PM
Eric said...
I will miss Billy Mays more.
6-29-2009 @ 3:49PM
marri said...
and you can kick rocks
6-29-2009 @ 3:51PM
beezo3 said...
johannes, get educated and learn how to spell before you come on a public forum judging someone k? The old adage is assumptions can easily make you an ass.
6-29-2009 @ 4:29PM
Tony said...
your an idiot.
6-29-2009 @ 4:56PM
Guan said...
Who is this guy Michael Jackson, is he the liberal radio commentator? Who is the news media talking about, from I understand Michael Jackson is still alive (or is he).
6-29-2009 @ 9:02PM
Bridget said...
Actually, they did tests and he hasn't taken drugs in the past 4 years, but that is a good guess i mean he owed 500,000$ in debt.
6-29-2009 @ 5:42PM
Reijah said...
Johannas, get real and let the poor man rest in peace, its evil people like you that does a lot of damage to beautiful people who did a lot of good for everyone....you would climb mountains to be a rich & popular like him so be nice and stop kidding yourself.....
6-29-2009 @ 5:43PM
ronald said...
you do the same when your relative die
6-29-2009 @ 5:52PM
MARS said...
Michael Jackson died for our sins!
6-29-2009 @ 6:58PM
AJ said...
You are absolutely correct. Michael Jackson was indeed a great entertainer; but he is no longer with us. Let's move on!!
6-29-2009 @ 10:21PM
bulldog said...
according to the latest there is no evidence to proove that he had an over dose or not so please dont ruin someones name unless you know for sure lets wait til the reports come back
6-29-2009 @ 6:13PM
Mike McMartin said...
AOL isn't going to give you the real news..it caters to teenie boppers.
6-29-2009 @ 6:37PM
Suzi said...
Why don't you all just grow up smell the coffee and let Michael rest in peace! He did alot for a lot of people and it is the public who gave him his hard ships. He may have done a few wierd things like putting his baby over a balcony and so many plastic surgeries, but you all don't know him personally and if you believe everything you hear, yr the ones with the problem! Leave him alone and stop spreading more rumors his family is not having a good time right now and they don't need people like you talking bad about the deseased. So shut yr holes and get a life Let the man rest in Peace yr no better than he was of a human!
6-29-2009 @ 7:10PM
W said...
have a heart.....
6-29-2009 @ 7:02PM
olly said...
yur a heartless jerk he's a person just like u n i he deserves respect dead or not mj is the best n u shouldnt have made yur commenthe may notve been perfect but he did a lot of good n ppl like u have no rite
6-29-2009 @ 7:08PM
DeAnna said...
The man was incredible. What are you expecting? Who else has ever slowed the internet to a cripple? You out of touch with the society you live in, perhaps you need a reality check and quick. This man will be the headline news for a long time, so sit tight or tune out.
7-08-2009 @ 1:30PM
marisol beltre said...
move on ,he was the best thing that could ever happen his music was entertaining, his videos are amazing the best videos ever made how can you say move on.have some heart the man is dead.he was a kind hearted man who cared more about helping the need.i loved him and he will always be in my heart.
6-30-2009 @ 5:26PM
Take care of yours said...
you may move where you like, turn your tv set off, don't look at newspaper, hide in a hole, but you move on to where you like.
6-29-2009 @ 7:37PM
Keisa-kee said...
Watever... I dnt care wat yall say.. Micahel was a good man... I will truly miss him 4ever.. He will never b forgotin by me... Michael u r my favortie singer in the world.. Now ur n heaven just being you.. you dont have 2 worry bout nobody making fun of u, or the media gettin in your biness.... U rock.... Luv you always n 4ever... c u wen i go to heaven...
Keisa-kee