When Michael Jackson died almost five years ago, his finances were a disaster. Comedians joked that the llamas on his Neverland ranch were going to be sold as tall pit-bulls in Los Angeles just to recoup money owed to collectors.
Now the executors are claiming that the estate is not only out of the black but turning a profit.
According to documents filed in a California court and viewed by the New York Daily News, the Prince of Pop’s estate now holds $18 million cash and has earned $600 million in revenue.
Jackson’s children, Prince, Paris and Blanket, are the main beneficiaries of the estate and therefore profiting from the influx of cash. According to documents, the three enjoy an $8 million per year luxury lifestyle that includes $3 million on education, $300,000 on vacations—a single trip costs $250,000—$15,000 in pocket money, $600,000 in security and a rental mansion with $28,500 monthly rent, the New York Daily News reports.
Read more at the New York Daily News.