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Thursday 6 March 2014

PLAGUED BY LAWSUITS: MICHAEL JACKSON ESTATE IS WORTH $7BILLION

Lawsuits: At the time of his death in 2009, Michael Jackson was named in more than six lawsuits.

At the time of Michael Jackon's death, the singer was named in more than six lawsuits, and 65 creditors' claims were filed after he died.

Since his passing in 2009, the superstar had a resurgence of popularity, causing the executors of his estate to try and find ways to re-release his works.

It has propelled his wealth and he is still the highest earning dead celebrity in the world, raking in around $160million last year. However the amount he left in his estate is widely disputed.

He was reportedly $500million debt, but last month, his executors were accused of cheating taxpayers out of millions of dollars by allegedly undervaluing his wealth.

Legal documents filed with the U.S. Tax Court in Washington, which were obtained by the L.A. Times, said that after Jackson died in June 2009, the executors of his estate valued the singers net worth at around $7billion. However the IRS disputed the figure and claim MJ is actually worth a staggering $1.125 billion.

A number of projects released after his death, however lucrative, have also caused legal issues.

Last year his producer Quincy Jones, sought $10million after claiming a deal for his material was breach when the soundtrack for documentary 'This Is It' and the 25th anniversary edition of the Bad album were released.  

Last October, the family also lost a $13billion lawsuit against his concert promoters AEG, claiming failing to prove the company were negligent for hiring Conrad Murray, who was jailed for his involuntary manslaughter in 2011.

In 2012, Michael Jackson's father dropped a wrongful death lawsuit filed against the former doctor who was convicted of causing the singer's death.

Michael Jackson's Neverland ranch
Court records show Joe Jackson's request for a dismissal. The filings did not elaborate on a reason for dropping pursuit of the case.

In 2013, Debbie Rowe threatened to sue Michael Jackson's doctor over accusations she stole Demerol to supply to the late star.

The 54-year-old nurse got involved in a bitter war of words with dermatologist Dr. Arnold Klein - who introduced Debbie to Michael after being employed as a nurse by him in the 1980s - on Twitter, after he alleged she took the powerful painkillers from his practice to feed the singer's addiction.
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