The executors in the Michael Jackson Estate have just filed legal docs explaining how they turned chaos and financial ruin into a booming, postmortem business.
According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died. We've previously reported how the Jackson family was about to lose their home in Encino and Jackson was on the brink of going belly up.
Executors John Branca and John McClain turned things around in a big way, for two primary reasons. First, they restructured all of his debts and got creditors to significantly lower killer interest rates.
Secondly, the executors went full bore to generate revenue -- and the brass ring was the movie, "This Is It." According to the docs, the flick grossed $260,000,000, the most lucrative documentary in history.
As for the album, "This Is It," it sold 5 million copies, making it the 3rd biggest album in 2009.
As for other deals, the executors:
- Republished the "Moonwalk" book
- Made mega-merchandising agreements for all things Jacko
- Distributed a leather-bound, coffee table book on the life of MJ
- Renegotiated MJ's royalty agreements with record label
But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jacko's death.
The estate also notes what we've already reported -- that they paid off the Jackson family home in Encino, bought Katherine Jackson a car and did lots of other stuff for the family.
Jackson Executors: How We Turned it Around
9/23/2010 3:45 PM PDT BY TMZ STAFF
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