Michael Jackson estate valued at $2 billion
The gist
Paris Jackson asked a Los Angeles court to order at least $600 million from her father's estate into his family trust.
The estate, valued at $2-3 billion, has stayed in probate 17 years.
How it unfolded
- Jun 25, 2009Michael Jackson dies at 50 from an accidental propofol overdose in Los Angeles, reportedly $500 million in debt with under $700,000 cash on hand.
- 2018The estate sells its interest in EMI Music Publishing for about $287.5 million.
- 2020Neverland Ranch, Jackson's former California home, sells for around $22 million.
Key terms
- probate
- The judicial process by which a will is proved valid in court or an estate is settled according to intestacy laws.
- executors
- A person appointed by a will to administer a deceased person's estate and distribute property as directed.
- IRS litigation
- Legal proceedings involving the U.S. federal tax agency, which collects taxes and enforces tax law.
Source: Wikipedia