Michael Jackson’s will is bound to be as bizarre as the rest of the singer’s turbulent life. But one thing is for sure, the arguments over his deeply flawed financial legacy will keep lawyers busy for years.
Top of the list will be sorting out Jackson’s sell-out comeback tour, which was due to kick off next month. There are bound to be losses, insurance claims and the prospect of an empty London O2 Arena for 50 nights during the peak summer period.
Music industry bible Billboard reckons promoter AEG Live could lose as much as $40 million if its insurance is insufficient to cover what has already been spent on the production. That’s assuming they have to give refunds to the 750,000 fans who have paid big money for tickets. And that doesn’t count the cost of hotel reservations and flights from across the world.
Then there’s the small issue of the $500 million in debts that Jackson is reported to have left behind.