ON HOLLYWOOD Boulevard yesterday morning, fans continued to crowd around the pavement star dedicated to Michael Jackson, leaving flowers, notes and stuffed toys in memory of the dead singer.
A private security guard kept watch and metal barriers enclosed a makeshift memorial on the street nearby.
Along the boulevard, among the Superman, Elvis and Marilyn Monroe impersonators posing for pictures with tourists, dozens of hucksters sold Michael Jackson T-shirts, posters and even bootlegged CDs of his music.
Images of the star are the intellectual property of his estate but until yesterday, it was unclear who was in charge of Jackson’s legacy.
Yesterday’s ruling by a Los Angeles court confirmed attorney John Branca and music executive John McClain as executors of Jackson’s estate, rejecting a move by the singer’s mother to delay naming executors until a clearer picture of his financial affairs emerges.
Jackson was famously broke for many of the last years of his life and he came close to losing his Neverland ranch to foreclosure last year because of unpaid debts. Although he earned vast sums from his music – including Thriller, the biggest-selling album in history – Jackson’s lavish lifestyle and massive legal bills due to child molestation accusations left him owing about $400 million to various financial institutions.
Since his death, however, financial analysts have calculated that Jackson’s assets were worth at least $200 million more than his debts and the surge in public interest in the star is likely to increase the value of his estate.
His most valuable asset is his 50 per cent stake in the Sony-ATV Music Publishing catalogue, which owns the rights to music by the Beatles, Bob Dylan and the Jonas Brothers, among others. The catalogue is valued at between $1.5 billion and $2 billion, so Jackson’s half share is probably worth much more than the $300 million he borrowed against it.
Jackson’s albums occupied nine of the Top 10 slots on the Billboard pop chart last week and his songs accounted for the entire Top 10 on Amazon. Jackson had an unusually lucrative deal with his record company, Sony, receiving half the profits from US sales and a 25 per cent royalty rate, more than double the industry standard.
Jackson’s 2002 will named Branca and McClain as his executors but said his mother, Katherine (79), should become guardian to his three children, Prince Michael, Paris Michael and Prince Michael II, known as Blanket. The will leaves his entire estate to the Michael Jackson Family Trust, the terms of which have not been disclosed.
Media reports suggest that the trust benefits Jackson’s mother, his children and various charities.
