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You -- the King of Pop certainly live like royalty at the top of his game Michael Jackson was hit machine making hundreds of millions of dollars.
And also spending it.
-- -- -- lavish lifestyle which included his -- giving Neverland Ranch and according to Wall Street Journal his debt now stands at nearly 500.
Let's bring in our panel to talk about the financial fallout bill authority is the executive director of Billboard Magazine and also -- -- -- -- tax and estate attorney.
Also Chris Farley is an entertainment editor and columnist at the Wall Street Journal.
All right gentlemen that we have heard that there is a lot at stake here a lot of debt is well but what do you think is the most valuable portion of his portfolio at this point.
What may read this point I think the most -- portions portfolio was probably his mistaken Sony ATV catalog -- The catalog of songs that includes a policy interest for The Beatles.
The long term I mean I think you gotta look at his image and likeness and although.
Products and theme parks and opportunities that are going to be built around and very Elvis like -- -- relatives of managing.
As Priscilla Presley we've seen how successfully she stand -- Graceland -- elvis' image as well when other notable thing about partial pros listen when house got a really Smart businessman Bob silliman.
CKX to to kind of direct the management -- a state -- Michael Jackson was notorious for not necessarily surrounding himself with the best people in life.
If in death he's able to kind of get out of that habit and get someone grade if someone -- wants -- -- -- -- -- state.
I mean the upside is enormous civil door for the debt.
-- will start today that he can sniff -- reported -- shown that Michael Jackson's bring it about.
Whole million dollars a year through his music sales also bring about seven million dollars a year through his stake in.
The TV is Sony ATV publishing stuff that that those as a stand it's it's essential -- amount of my -- -- coming in because of that.
I think in the future I do think this tremendous interest obviously and then in the musical legends Michael Jackson.
You saw it on American Idol -- song built -- that Billie Jean being covered by the eventual winner David Cook so I mean there's -- shouldn't another younger generation that -- discovering music again.
Is someone else the -- it plays it puts it on their album.
They'll continue to look -- did -- recognition for years to come.
What is the possibility that he had all these -- -- tracks I mean that's sort of a rumor -- when we don't have that confirmed but I got I think that's got to be worth some money serious money well.
That worked for Virginia hasn't fixed it worked for Bob Marley and work for Tom before Kurt Kurt Cobain who limited amount of trekked to he had released after his death.
-- music -- do have some in the vault if they're good.
People will come out there and buy it and spend money and he can continue to be very profitable for them for years to come indeed -- is still -- -- about sykora still releasing albums of seeing some.
-- biggie smalls and some of these artisan released posthumously it was actually an indication -- the you have to be that good many people are crafting trap sometimes I don't almost nothing that's left behind.
So you're talking about it if it's true that there's a hundred tracks that are pretty close to I don't know I mean that's a that's -- the -- -- -- country.
And let's bring in -- teller -- also as an attorney at what could this mean possibly to the state and primarily to his children.
Well there -- a number of issues here first of all.
We have to be concerned about the children and the distribution to his children but.
A primary concern.
We'll be -- liquidity of the estate.
As indicated there's a large music catalog but there and number of large debts as well.
I haven't heard any evidence -- enough liquidity to pay the estate tax.
That is going to be do with -- nine months of the date of death.
-- how exactly would that play out because you know it seems like -- gears a lot of talk that there's nothing to pay out at this point.
Well first of all.
An analysis has to be made of what the total stages.
If you start out with.
500 million or a billion dollars in value.
Then the question is going to be how much of that is offset by deaths -- take the net amount of these state.
And that's gonna determine what the estate tax liability is going to be.
We have occurred.
State tax system that provides for a three and a half million dollar exemption.
That is hardly going to protect.
Jackson's estate for estate tax liability.
Considering the numbers that have been advances have.
And north of we'll all watch and wait to find out if there's an indeed will let him what that spells out as well.
Lawrence Chris and -- we -- you all for coming in fact that he.
Right back straight in the newsroom right.
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