No one knows for sure, yet.........
Quote:
Originally Posted by
robertbartsch
As a finance professional for 30+ years, I don't understand why people keep assuming his estate will have any money or assets to distribute to heirs.
His troubled finances have been chronicled in the press for many years. ...basicaly, he has been financially insolvent for several years meaning he was unable to pay his debts as they became due.
The recent "short sale" of Neverland Rance to lenders for roughly one half of the outstanding mortgage is just one expample. His failure to pay withholding taxes on employee wages in California is another. Hell, this man even routinely stiffed his attorneys!
It is estimated at the time of death that his debts exceeded his assets by approximately $500 million (thats one half a billion!). If the 50 London concerts were successful he would have earned approximetely $100 million BEFORE taxes.
Does that give you an idea as to the ill health of his finances? LIKE SO MANY OTHER HOLLYWOOD TYPES, THE MAN WAS BROKE AT THE TIME OF HIS DEATH.
I would not want to be the MD that was present at the house where he was found before his death.
what he/his estate owned in intellectual/copyright property. If he sold it all off, then your assertion will be correct. That will be the crux of whether his estate will flourish.