Michael Jackson's Estate: Administrators Plan to Generate $100 Million in 2009
Administrators looking to generate $100 million to Jackson estate this year.
Aug. 17, 2009— -- As Michael Jackson's mother continues her bid for control of his massive estate, the court-appointed administrators say they have ambitious plans to generate $100 million this year alone.
ABC News has learned that, in addition to this year's goal, the administrators are looking to bring in up to $50 million annually in subsequent years though merchandising and other projects.
It's a plan that could make Katherine Jackson's case difficult to prove -- she has argued in court that administrators John Branca and John McClain do not have Jackson's best interests at heart.
"It's all about command and control," ABC News legal analyst Dana Cole said on a "Good Morning America" segment that aired today, adding that the administrators likely "don't want too many cooks in the kitchen."
Katherine Jackson and her son's three children, of whom she has custody, are set up to receive a total of 80 percent from Jackson's estate, split evenly between his mother and children. The other 20 percent was set aside for charity, according to a 2002 will.
All parties will head back into the courtroom today as the judge is expected to rule on several deals that could bring in millions, most notably a deal worth an estimated $15 million with Bravado to license and merchandise Michael Jackson products.
In addition to merchandise, administrators plan to bring in millions from books, movies and a multitude of unpublished Jackson songs. They've already approved a reissue of Jackson's 1988 autobiography, "Moonwalk," and a movie encompassing footage from Jackson's final concert rehearsals from his "This Is It" tour is set to be released Oct. 30.
So confident are the administrators in their plan, ABC News has learned, that they do not intend to sell Jackson's stake in the Sony/ATV catalog in order to pay of the singer's debts, which, by some estimates, are in the hundreds of millions.
"This situation will right itself, Cole said, "His legacy is hugely in demand and, with it, comes millions of dollars. The fans are demanding the products."
Meanwhile, Joe Jackson told the Daily News' Man Steve Friess in Las Vegas that the family is planning to bury Michael Jackson at Forest Lawn cemetery Aug. 29, which would have been his 51st birthday.
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