As noted earlier, when Paul Walker’s executor filed his will with the probate court, he estimated his future income at $8 million and this total estate at $25 million. Also, as noted last Fall, the Executors of Michael Jackson’s estate are battling the IRS over the value of his estate, which they declared to be only $7 million but the IRS contends is worth more than $1 billion. The discrepancy stems largely over the value of MJ’s likeness for commercial purposes (t shirts, merchandise) and the value of his musical catalog which also includes Beatles songs. His estate valued them at $2,100 and $0 respectively. The IRS valued them at a combined $900 million.
1. If Paul Walker will earn $8 million post-mortem, a $7 million valuation for Jackson’s estate is ludicrous.
2. The King of Pop grossed $160 million in 2013, more than any other celebrity belying the low valuation of his music if not his likeness.
3. I doubt that the image of a deceased entertainer with MJ’s murky past is worth $450 million, but it is worth more than $2,100.
4. It might seem like the IRS “won’t stop ’til it gets enough” and the issues are “black or white,” but the estate’s stated values are “bad” if not “dangerous” and could make his family “scream” if they do not “beat it.”