Beatles revival set to wipe out tragic star’s huge debt
A BEATLES revival is helping to erase Michael Jackson’s huge debts.
The Fab Four’s remastered albums and the video game The Beatles: Rock Band were released earlier this month and, together with Jackson’s own music, are likely to net his estate more than $250million by Christmas.
Jackson, who died owing about $400million, bought the 250-song Beatles catalogue in 1985 for $47.5million.
In 1995 Sony paid him $150million for half the publishing rights to the songs.
Jackson’s stake in Sony/ATV Music Publishing is now worth about $1billion and it is believed the executors of his estate will hold on to it because of its future earning potential for his three children.
With the 14 Beatles albums topping the charts around the world, Jackson’s estate stands to earn up to $50million this year.
Another $50million for Rock Band will be shared with Sony, Apple Corp, EMI and The Beatles.
Meanwhile Jackson’s own music has dominated the charts since his death in June and is expected to net up to $200million by Christmas.