More than a decade after his death, the amount of Michael Jacksonthe image and appearance sunk in as little as $ 4.15 million. This estimate was set by U.S. Tax Court Judge Mark Holmes, who ruled that the late King of Pop’s value had severely declined at the time of his death and had only just slid from the past.
Consistent with court documents obtained by The Hollywood Reporter, Holmes favored Jackson’s property in the fight against the IRS. Citing negative public perception of the megastar even before he died, Holmes pointed out that Jackson’s legacy has been further eroded in recent years. He wrote,
“Ever since he was a child he was famous for Michael Jackson; and there were times in his life, proving to his executor, who he was the most famous man in the world. There were real years when he was the most famous star of popular music, and even after his death there were years when he was the most entertaining person in the world.But there were also many years where he was more famous for his unusual behavior and not his unusual behavior. talent.And there have been a few years where his fame has become famous through serious accusations of the worst deeds.We have not made a specific judgment about what Jackson did or is said to have done, but it should we will judge how he did and is said to have done so affected the amount he left.
Making further commentary, Holmes also concluded publicly that will inevitably move from memory Jackson’s greatness as a musician. “Popular culture has always been going on,” he added. “And as the grave swallowed up Jackson’s fame, time would wipe out the Estate’s revenue. It revived and sold what had been Sony’s most valuable asset before it was tested. The value is what it is. the rest, no matter how well managed, will diminish now when Jackson’s copyrights expire and his image and appearance are shuffled first out of relevance and then into the public domain. ”
Plaintiffs and defendants in the case value Jackson’s image and appearance on more opposing sides of the spectrum. The IRS claimed he was worth $ 434 million, based on “perceived opportunities” such as themed attractions, branded merchandise, a Cirque du Soleil show, a film, and a Broadway musical.
Meanwhile, Jackson’s property initially said it only cost $ 2,000 because of the struggle to restore the singer’s image amid allegations of child rape. These accusations are now updated in the 2019 HBO documentary, Leaving Neverland. Expert consultations later raised the property’s estimate to nearly $ 3 million.
John Branca and John McClain, co-executives of The Estate of Michael Jackson praised the decision. “This thoughtful U.S. Tax Court ruling is a huge, vague victory for Michael Jackson’s children,” they wrote. “For nearly 12 years Michael’s Estate has maintained that the government’s valuation of Michael’s assets on the day he died was non -violent and unfair, one that would make his heirs a brutal tax duty that more than $ 700 million.
The statement continued, “While we disagree with certain aspects of the decision, we believe it has clearly disclosed how unfair the IRS’s assessment is and paves the way for finally resolving this case fairly and equitably. method. “