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Michael Jackson's estate could double in value by the end of the year, administrators said in remarks published Thursday.
The projected revenue of $200 million might come from a film project, merchandising deals and other business moves, Jackson's longtime attorney said. Attorney John Branca told the Los Angeles Times in an interview Wednesday that deals negotiated in the seven weeks since the pop icon died had delivered or would soon deliver a total of $100 million in cash to the estate.
Two contracts -- a wide-ranging merchandising deal and a plan for a traveling memorabilia exhibit -- are subject to approval by a judge Monday.
Branca told The Times that surging record sales and other revenue are expected to bring an additional $100 million by Dec. 31 and that he and his co- administrator, music executive John McClain, project at least $50 million in annual revenue in coming years.
That amount would put Jackson in the posthumous company of Elvis Presley, whose estate takes in about $60 million annually, The Times reported.
"We have challenges in the estate in terms of the kind of debt that existed, so it's really not a time to stand up and applaud, but it's time to feel optimistic about the future," Branca said.
Jackson died owing more than $400 million to creditors, but with assets that outweighed his debts by at least $200 million.
Howard Weitzman, an attorney for Branca and McClain, told The Times that if the earnings projections hold, "it's not impossible the debts could be paid off in a time that is unprecedented, given the amounts."