Singer left behind more than $400 million in debt.
Michael Jackson Photo: Time Life Pictures/DMI/Time Life Pictures/Getty Im
Between album sales, movie profits, licensing arrangements and lucrative deals for Cirque du Soleil shows, the estate of late King of Pop Michael Jackson has raked in more than $300 million since the singer's shocking death in June 2009.
According to TMZ, legal documents released on Thursday reveal that executors of MJ's estate have managed to make a major dent in the more than $400 million in debt that Jackson owed at the time of his death.
The first accounting from the executors shows that they have already spent around $159 million paying back various debts, income taxes and other expenses, which include providing support for the pop star's mother, Katherine Jackson, as well as his three young children.
"Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt," the documents state, according to a Reuters report. Two of Jackson's longtime confidants, attorney John Branca and music executive John McClain, were named as administrators in a will sign by the pop icon.
In addition to paying to make "substantial improvements" to the Jackson family's Havenhurst estate in Encino, California, the executors also spent an undetermined amount of money on "last illness and funeral and memorial service expenses." Those costs included a $900,000 payment to the Forest Lawn Memorial cemetery where Jackson is buried and $35,000 on expenses described as "costume for memorial."
TMZ reported that not only did the famously cash-strapped Jackson have more than $400 million in debt, but his estate also owed more than $40 million to concert promoter AEG tied to the scuttled This Is It Tour, for which MJ was rehearsing when he died unexpectedly. They've also paid $27.2 million in taxes and $4 million in mortgage payments on Jackson's properties.
Despite the solid sales of the Michael album and millions of units of the singer's back catalog being sold, as well as the box office of the "This Is It" movie and DVD sales, the estate is not nearly out of the woods. TMZ noted that the administrators have received more than 65 creditors' claims, some of which are subject to "extremely high" interest rates, and there are several outstanding lawsuits against the estate in several countries.
Lady Gaga: Fashion Fail at Sirius Building in NYC
Alright, alright. We?ve picked on Lady Gaga plenty of times for this column, but it would probably be more obnoxious to completely ignore her. I?ve always said that they call it ?high fashion? because you would have to be ?high? to appreciate it. Well, with Lady Gaga?s recent admission that she still smokes pot occasionally, that saying might hold true. She showed up outside of the Sirius Radio building for the Howard Stern show this week looking like she left the dry-cleaner?s bag on her outfit. Not only did the lower half have what appeared to be thick plastic wrapped around it, but it came along with a facial covering that looked like Muslim lingerie. I guess she decided to drag along an awkward box with her that passes as a purse. What?s even stranger is that she was at the building to be interviewed by Howard Stern. There are video clips on the web of the actual sit down showing her wearing a different outfit. Who changes clothes for a radio interview? I guess Gaga does. That?s alright because we still love her. I?m just wondering what she would look like in a t-shirt and jeans? Photos: www.wenn.com/247Paps.tv
We told you earlier about Pharrell's Qream Liqueur party in L.A., and last night he hosted one in New York attended by Tyson Beckford, Swizz Beatz and Selita Ebanks. See the pics inside....
Last night, Pharrell Williams hosted a Qream Liqueur launch party in NYC and Selita Ebanks was among the fab guests. She wore a Christian Cota top & skirt with Alaia shoes and a Kilian clutch.
This was the east coast version of his earlier launch party for his new premium beverage aimed at the ladies.
He posed with Q-Tip during his arrival.
And once inside, he and Q-Tip posed with Swizz Beatz.
He also posed with famed jewelry designer to the stars Lorraine Schwartz.
Melyssa Ford attended the party and she posed with Little X. Cute shoes.
N.O.R.E. was there too.
Ashanti's little sis, Shia Douglas was there. Are we feeling this outfit?
Speedy and Meeka Claxton attended.
Tyson Beckford.....does he age? He looks no different from when he was doing Polo ads in the 90s.
Hey Swizz!
Russell Simmons was there.
DJ Khaled posed for the cameras.
Inside the party, DJ Khaled kicked it with Swizz and Russell.
We all remember when she got into an altercation with an employee at the Betty Ford Clinic last year, and now Lindsay Lohan could be coughing up some coin for her misbehavior.
According to a report from TMZ, Dawn Holland (now Dawn Bradley), the woman LiLo allegedly attacked, is seeking a $1 million settlement from the ?Mean Girls? actress.
Holland?s new report claims that Lindsay grabbed Dawn?s right wrist and began ?twisting and pulling it for 8-10 seconds.? However there was no mention of wrist-grabbing in the original incident report.
Furthermore, Dawn is claiming that she has endured "great mental, physical and nervous pain and suffering" following the incident. Lohan?s side is yet to comment.
Clip for 4 single features B in a gorgeous ornate wedding dress. By Kara Warner
Beyonc in her "Best Thing I Never Had" music video Photo: Columbia
Anyone who's heard the two first singles off Beyonc's new album, 4, knows they are about as different as night and day. The same can be said for the songs' music videos: Where "Run the World (Girls)" is fierce, upbeat and explosive, "Best Thing I Never Had" is also strong, but more subdued and slow.
The clip opens with Beyonc in an elegant dressing room or boudoir. She is scantily, but very tastefully, clad in a fancy, lacy corset/lingerie combo, complete with garters. As she begins the song co-written by Babyface and all about telling a former lover she was the best he'd ever have and that she no longer has any feelings for him B plays to the camera, directing her words at the former lover via the camera's lens.
From there, she moves from playing with a tiara, a veil and lots of tulle on a bed to various stages of getting dressed. Between her half-dressed and fully dressed stages, there is a quick cut to old video footage of who viewers are to believe is a young Beyonc and her former high school flame at their prom. B and her date are dancing, she is spun away briefly, and her date cozies up to another girl on the dance floor.
Now that we know what ended that romance, we follow a confident Beyonc in her final preparations before she walks down the aisle on her wedding day. There are shots of Bey singing at sunset atop a grassy hill in a beautiful princess gown, followed by the walk down the aisle and the exchange of vows.
This is followed by one final shot of the former lover at the prom deep in thought, with what looks to be his prom king crown sitting askew on his head. Perhaps he is re-thinking his philandering ways?
The last few scenes of "Best Thing I Never Had" are full of more shots of Beyonc's gorgeous dress, which will likely land on a few style blogs soon, given its embroidered and jeweled details, not to mention the silk bows and ruching on the sides. We see the newlyweds celebrating at a happy and well-attended reception: groom removing bride's garter with his teeth, dancing with their younger family members.
The final shot features Beyonc looking into the camera, with a look of total satisfaction and happiness. She then walks off confidently, probably to re-join her wedding party and new husband, and then the screen fades to black.
Share your review of the "Best Thing I Never Had" video in the comments below!
Pitbull, Matthew Morrison, Selena Gomez, Far East Movement and others filled the Staples Center on Saturday night. By Matt Elias
Britney Spears hosts KIIS FM's Wango Tango 2011 on Saturday Photo: Kevin Winter/ Getty Images
LOS ANGELESBritney Spears makes headlines at concerts, even when she's not performing. That's probably why Los Angeles radio station KIIS FM tapped the pop princess to guest-host their annual Wango Tango music festival along with Ryan Seacrest on Saturday night at the Staples Center.
The bill was a balance of pop and hip-hop, with acts like Ke$ha, Jennifer Lopez, Pitbull, Ne-Yo, Selena Gomez, "Glee" 's Matthew Morrison, Lupe Fiasco, T-Pain, Jason Derlo, Far East Movement, New Boyz, Cobra Starship and newcomer Cody Simpson.
Backstage, the media room went into a frenzy when Spears arrived in a red, geometric-print dress and a beaming smile. Owning her "femme fatale" moniker, Spears worked the carpet for a few moments while all of the cameras in the room were pointing at her. It was the second red carpet appearance by Brit this week, after her Beverly Hills benefit on Wednesday night for the St. Bernard Project.
Spears' Femme Fatale collaborator Ke$ha, who was returning to the festival for the second time, said that an onstage collab between to the two would have to require one thing.
"That would have to include me finding her and attacking her," Ke$ha told MTV News, with the best intentions. "I'm planning on pouncing her."
While that never happened, at least not onstage, Ke$ha delivered on her promise of a set heavy on her glitter gun. And she assured us she knew the dos and don'ts of handling that kind of firepower.
"Do not spray yourself in the face with it," she said. "Do spray everybody else with it. That's pretty much it."
While Joe Jonas wasn't performing at the show, he took a break from recording his solo debut to catch up with almost everyone backstage.
"I didn't see Britney backstage, just said 'hello' to a couple of my friends," Jonas said. "Backstage is always [full of] people, especially having it at the Staples Center this time, I think compared to all the way out in the desert, it changes everything."
Also happy to have Wango Tango in Los Angeles were locals Far East Movement.
"Man, we grew up literally a few blocks away from here, and you can only imagine basketball games being played here," Kev Nish said. "So to come in here as performers, to be able to do our songs in this arena is a little crazy. We used to pass out CDs a few blocks [away], so we're very thankful. And the lineup is nuts, so we're extremely excited to be a part of this lineup."
Were you at Wango Tango? Share your experience in the comments below!
Fran Drescher's Happily Divorced Renewed For Second Season!
Just four short months ago, we were excited to hear that Fran Drescher's pilot Happily Divorced was being picked up by TV Land!
Now, the show's been picked up and the ratings have been very good, so the network has picked it up for a second season! Go Franny!
Here's what TV Land president Larry W. Jones [...]
