This is just plain nuts. The circus continues.
Most of the dispute is over the value of Jackson’s image, along with his interest in a trust that includes the rights to some of his songs and most of the Beatles catalog, including “Yesterday,” “Sgt. Pepper’s Lonely Hearts Club Band” and “Get Back.”
The estate valued Jackson’s likeness at just $2,105.
The IRS put it at $434.264 million.
A dead celebrity’s image and likeness, used on things such as T-shirts and television commercials, can be a lucrative source of income. Elizabeth Taylor, for example, directed that 25% of the income from her image go to the Elizabeth Taylor AIDS Foundation.
The estate put the value of the pop star’s interest in the trust that owns the Beatles’ and Jackson’s songs at zero.
The IRS put it at $469 million.
A certified public accountant testified during the wrongful death suit last year that Jackson had taken a $320-million loan against the music catalog.