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Jackson Executors: How We Turned it Around

9/23/2010 3:45 PM PDT BY TMZ STAFF

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.

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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.

96 COMMENTS

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Previous 15 Comments | 1 | 2 | 3 | 4 | 5 | 6 | 7
91.

Mary    

DON'T CALL HIM JACKO! Have some respect for the dead, is that too much to ask, even for you TMZ?

1431 days ago
92.

Patti Walton    


I'll betcha that Murray's legal bills are being paid by --------

Branca himself (funneled on the under via the Michael Jackson Estate) or via Sony. Sounds a little crazy and far-fetched -- NOT!-- just THINK ABOUT IT!!!!

Love you much, Michael.

1431 days ago
93.

MRC    

Still missing you MJ - wish you were here!

1430 days ago
94.

linda     

i think this just shows us that he is not dead..... he and his family knew the fans wouldnt want refunds for ticket so they could use the money to pay off stuff. the movie "this is it" was filmed like a movie....im i the only one who noticed that?
also the "this is it" sound track was in almost every bodys cd player....thats alot of money to pay off to people...michael also needed to know that ppl still love him and think of him as da king of pop. and this is for alll the dumb people who keep saying he is a freak.....he was the king!!! im sorry ur jelous and wana be....go screw yourself u low life *******s...and michael wont be "old news" as once as his new cd comes out...he will once again be #1 and be played on every radio station.

1427 days ago
95.

Vana    

What made the Estate money was MJ was not around to spend any money.

1343 days ago
96.

Vana    

It's easy to make money after a celeb's death and Mj was no different.

1343 days ago
Previous 15 Comments | 1 | 2 | 3 | 4 | 5 | 6 | 7

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