Michael Jackson’s estate received over $300,000 in royalties and residuals in 2021, including income for his 1978 classic The Wiz, Us Weekly can exclusively report.
The two men in charge of Michael’s estate, coexecutors John Branca and John McClain, filed an accounting report in court on September 16. The report revealed the estate pulled in over $46 million in income during the 12-month period, with the royalties and residuals only being a small portion.
The filing listed a total of $308,673 in royalties and revenue the estate received during the period. The estate was paid $50 on August 24, 2021, by NBC for The Wiz.
Michael starred in the Sidney Lumet-directed musical The Wiz, based on The Wonderful Wizard of Oz. The film costarred Diana Ross, Lena Horne and Richard Pryor.
Per the report, NBC paid another $50 on August 24, 2021, and October 29, 2021.
Universal Music Group paid the estate $2,391.93 and another $2,537.69 for 2020 residuals. The estate also received over $4,000 from Broadcast Music Inc. The biggest check was from a Capital One commercial where the estate profited $250,000. The report showed the estate also pulled in $30k in advances for a musical.
The coexecutors listed over $700 million in assets. Other expenses included $150,000 on consultants, $146,000 on insurance, $881,176 for storage facility fees, $254,000 on independent contractors, $2 million in legal fees to a law firm Ziffren Brittenham, $2.5 million in other legal fees, $63,000 to a consultant for “IRS litigation related fees” and nearly $8 million in fees for a coexecutive and creative director.
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As Us first reported, the executors’ report listed the allowances provided to Michael’s children: Paris Jackson, Prince Jackson and Bigi Jackson.
Michael died on June 25, 2009, at the age of 50. The beneficiaries of his estate are his children and his mother, Katherine Jackson.
During the 12-month span, Paris, 27, received payments totaling $3,273,681 and another $10,000 for home construction. The report said the estate paid for Paris’ rent (which came to around $18,500 a month), over $20,000 to a travel company and various tax bills.
Other bills the estate paid for included over $100,000 to a production company that worked on Paris’ music video for her song “Let Down,” which was released on her debut album Wilted and $450 at an acting studio.
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Prince, 28, received allowance payments totaling $2,128,511.38.His expenses included $25,000 on tuition, $1,300 at the Hollywood restaurant Pink’s Hot Dogs, over $60,000 on an event company, thousands on a Chevron card, $2,000 on clothing services and $4,000 for valet parking fees. Bigi, 23, had expenses covered by the estate totaling $1,053,085.99. Aside from taxes paid, his expenses included $28,264 on tuition.
The estate also purchased a home for Bigi to live in and paid for all the expenses. Paris, Prine and Katherine also had homes purchased for them to live in.
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In court documents, Branca and McClain take credit for taking the estate from the “brink of insolvency and turned it into a $2+ billion estate and significant force in the music and entertainment business.”
“These efforts have enabled the Executors to continue to provide uninterrupted and generous support for Mrs. Jackson and Michael Jackson’s children as Michael intended,” lawyers for the executors wrote.
As Us first reported, Paris and the estate are currently in a battle over certain legal fees the estate requested be paid. In court documents, Paris said she had serious questions about the payments.
The estate scoffed at her claims and said all payments were proper and necessary to run the estate.
