Michael Jackson estate earns $310 million in revenue (Reuters)

LOS ANGELES (Reuters) – Michael Jackson's estate has generated $310 million in revenue from album sales, a film, merchandising and other products since the "Thriller" singer died in 2009, according to court papers filed on Thursday.

His estate's administrators have used $159 million to pay down the pop star's debt, which when Jackson died amounted to more than $400 million, court records show.

"Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt," the documents state.

The records, which were made public as part of the estate's probate proceedings, are the most detailed accounting yet of the finances of Jackson's estate from his death until December 31, 2010.

Beneficiaries of the estate are Jackson's children, his mother and various charities. Attorney John Branca and music executive John McClain were named administrators in a will the "Thriller" singer signed before he died in June 2009 from an overdose of drugs, most prominently the anesthetic propofol.

The singer's physician at the time, Dr. Conrad Murray, has been charged with involuntary manslaughter in the death and has pleaded not guilty.

Jackson's 1982 release "Thriller" remains the best selling album of all time. Industry players think his estate can generate cash for years to come, just as dead stars like Jimi Hendrix, John Lennon and Elvis Presley continue to rake in millions.

Among the projects making money for Jackson's estate are the new album "Michael," which contains previously unreleased songs, and the concert movie "This Is It," which compiled videotaped rehearsals for a series of comeback concerts in London. Various merchandising and licensing deals have also swelled the coffers. Jackson's recordings are released by Epic Records, a unit of Sony Corp.

Noteworthy costs included a $900,000 payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 in expenses listed as "costume for memorial."

Administrators paid $27.2 million in taxes, as well as $5.3 million for Jackson family members and properties he owned. They made $4 million in mortgage payments on his properties.

(Reporting by Alex Dobuzinskis; Editing by Bob Tourtellotte and Dean Goodman)

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Jackson's estate earned $310 million since death (AP)

By ANTHONY McCARTNEY, AP Entertainment Writer Anthony Mccartney, Ap Entertainment Writer – Fri Feb 18, 2:29 pm ET

LOS ANGELES – Despite more than $310 million in earnings since his death, Michael Jackson's lavish spending habits still haunt his legacy and have required lawyers to create new deals and restructure old debts, court records show.

Jackson died more than $400 million in debt, and attorneys are still trying to resolve several pending lawsuits, according to documents filed Thursday by his estate.

The report also states Jackson's estate spent $159 million between the singer's June 2009 death and the end of 2010, with some of the money used for his funeral, burial and to buy the Jackson family's home in the San Fernando Valley north of Los Angeles.

According to the filing, many of Jackson's debts, including his interests in a music catalog that features works by The Beatles and other top-earning musicians, have been restructured.

While Jackson's attorneys have resolved numerous debts and lawsuits, several cases are still unresolved, including disputes over Jackson's "Thriller" music video.

Since soon after the pop singer's death at age 50, attorneys began working on deals to begin to restore luster to Jackson's legacy, which had been tarnished even though he was acquitted of child molestation charges.

Projects have included the release of "This Is It," a film using rehearsal footage from Jackson's planned series of comeback shows; new music and video games; and the rerelease of the singer's autobiography.

An audit of the singer's earnings for already released music is under way and could yield more profits, the filings state.

Experts say Jackson's estate earnings are likely to rival those of another music superstar, Elvis Presley.

Most of the earnings benefit Jackson's three young children and his mother, Katherine, who is their guardian. Renovations on her home, valued at more than $4.1 million, are ongoing.

A judge will review the financial report, which is the first complete accounting of the King of Pop's financial affairs after his death. That hearing is scheduled for May 5.

Jackson's estate attorneys say the judge should expect to retain oversight of the estate for at least another year after that.

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