Jackson Estate vs. IRS
It seems that the folks who manage the estate of the late 'King of Pop' have represented his estate as belonging more to a pauper than a king and the IRS isn't buying the story.
You won't believe what the folks on the Jackson team are claiming about the late singers net worth.
The Internal Revenue Service says the estate of Michael Jackson owes them $505 million in taxes and an additional $197 million in penalties for somewhat understating the singers worth at the time of his death.
Now, the estate says that Jackson was worth about 7 million when he died. The Feds, on the other hand say it was a figure closer to over a billion dollars. It's obvious that someone is a dollar or two off on that one. That's just the beginning of the disagreement.
It's well known that Jackson owned the publishing rights to a huge number of songs by The Beatles. The estate says that all those old Beatle songs have a worth of....are you ready for this? NOTHING. that's right, zip, zero, nada. The IRS says all those songs are worth about $469 million.
How about Jackson's likeness? The estate says the net worth of Michael Jackson's likeness is worth about $2,000. So, according to the estate, go ahead and use an unauthorized likeness of Jackson. The most it would cost you is a couple of grand.
The IRS, on the other hand, says that the likeness of the star is actually worth over $400 million bucks.
Either someone is very bad at math or the Jackson estate is about to get slammed. Why am I sure that this story will be cropping up again?