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Ближний и дальний круг знакомых Майкла. Предполагаемые участники и посвященные в хоакс./The inner circle of Michael Jackson. People that are supposed to be in the know, insiders involved in the hoax.

Эстейт Майкла Джексона / Michael Jackson's Estate

Re: Разные интересные статьи

#11  Сообщение Trueamore » 27 авг 2013, 22:27

http://www.today.com/entertainment/what ... 8C11010436

What's Michael Jackson's image worth? A $434 million question for the IRS

What's a face worth? Or a look? Or a dance move?

When it comes to Michael Jackson, there's a huge difference between how the government values his image and what his family thinks the likeness of the "Man in the Mirror" is worth.

About $434 million to be exact.

There's a big disparity over Jackson's image, as well as his recording legacy. The estate said the taxable value of the singer's image and likeness was $2,105 — while the IRS says it's more like $434 million. The estate's stake in Jackson's recording assets was valued at $469 million by the IRS, but was not even included in the 2009 estate filing.

The Internal Revenue Service says that the Michael Jackson estate owes $702 million in federal taxes, plus penalties, according to charges the agency brought in U.S. Tax Court.

IRS representatives say the estate has undervalued the late "King of Pop's" assets by hundreds of millions of dollars, amounts they say were not disclosed in a court challenge the estate filed in July, as a response to a bill from the IRS.

Essentially, the estate is saying Jackson's legacy is worth considerably less than the tax agency believes it is.

"Every estate wants to lowball the value of assets," said Alex Raskolnikov, a professor at Columbia Law School, who specializes in tax law. "The amount of tax an estate has to pay is based on the value of the assets."

Raskolnikov told NBCNews.com that there is no magic formula the IRS uses to determine the value of assets. "Every time there is a valuation of substantial assets, they will use a panel of experts."

He said, for example, if artwork is involved, the tax authorities will consult a number of experts in the field to put a value on the assets. "For estate tax purposes, it is 100 percent reviewed by a panel of experts," which issues annual reports

But, when it comes to a likeness or image of a celebrity, as opposed to physical assets, Raskolnikov said, "it is prone to disagreement.

"If they (Jackson estate) do not settle, the IRS will get its experts and the family will get theirs and there will be different valuations."

Then the case will probably go to federal tax court, he said, "although, given the valuations, I do not think the family will want to go to court," Raskolnikov said.

Jackson died on June 25, 2009, which is the date of the estate's tax return, and left his estate to his mother Katherine, his three children and various charities. The filing the estate submitted indicated that his estate was valued at $7 million, for tax purposes. But in May the IRS said that was deficient by $505.1 million, plus penalties of $196.9 million. Tax Court documents indicating the amounts were released Tuesday, said Reuters.

A spokesperson for the Jackson estate disputed the IRS's appraisals, telling Reuters that they were "based on speculative and erroneous assumptions unsupported by the facts or law."

So far, the Jackson estate has paid $100 million in taxes, said the spokesperson.

But as per Tax Court rules, the estate will not have to pay any taxes or penalties unless the court rules in favor of the IRS.


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Истейт покупает Элвиса

#12  Сообщение Trueamore » 03 сен 2013, 22:57

http://www.nypost.com/p/news/business/g ... K961ZSbbxN

Pair of Kings: Jacko group to buy Elvis rights

The King of Rock and the King of Pop may be moving in together — financially speaking, that is.

An investment group that includes Sony/ATV, the music publishing giant half-owned by the estate of Michael Jackson, is emerging as the favorite to acquire Elvis Enterprises, The Post has learned.

The group, with G2 Investment Group, led by its music expert David Schulhof, and Highbridge Capital alongside Sony/ATV, is close to signing an exclusive negotiating contract with Apollo’s Core Media Group, sources said, which is selling Elvis Presley’s assets along with the name and likeness of Muhammad Ali.

While other suitors, Universal Music Group and fashion merchandising giant, Iconix, for example, kicked the tires, they did not submit bids, according to a source familiar with the talks.

Negotiations over the assets, including Graceland, The Heartbreak Hotel and the late singer’s clothes, cars and airplanes and music rights to many Elvis songs, are at a crucial point and could still break down, sources cautioned. The banker on the deal, Raine Group, is believed to have dark horse bidders still in the mix.

Sony/ATV, the music publishing arm of Sony, co-owned by the estate of the late King of Pop, already owns publishing rights to Elvis songs but pays royalties to the Elvis estate. Those royalties will no longer need to be paid if it succeeds in buying the assets from Apollo.

Any successful bidder will have to work hard to polish the Elvis brand, which earned $55 million in both 2012 and 2011, according to Forbes, down slightly from the $60 million it earned in 2010. Much of the decline is pegged to the closing of Cirque du Soleil’s Las Vegas show, “Viva Elvis.”

Record sales are not included in Forbes’ tally for Elvis, who died in 1977.

“Elvis is showing his age a little bit,” said Zack O’Malley Greenburg, who compiles the Forbes list and is author of “Michael Jackson Inc.,” told The Post. “Elvis is going to keep generating tens of millions of dollars a year, but I don’t know how easy it is to make those numbers go up.”

By comparison, the estate of screen siren Elizabeth Taylor earned $210 million last year while Jacko’s estate earned $145 million, according to the magazine.

A movie about the King of Rock could fire up profits for the Presley estate, sources said, much like what “Walk the Line” did for Johnny Cash. An unnamed celebrity is said to have expressed interest in getting involved in such a project.

The owners, Core Media, then known as CKX, invested $20 million into the Las Vegas production.

Any deals for Elvis, movie or otherwise, would have to meet the approval of the Presley family. Lisa Marie Presley retains a 15 percent interest in Elvis Enterprises, just as the Ali family holds a stake, about 20 percent, in the Ali assets being sold.


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Michael Jackson Estate Grosses $600 Million

#13  Сообщение Trueamore » 11 сен 2013, 23:01

http://singersroom.com/content/2013-09- ... 0-Minutes/

Michael Jackson Estate Grosses $600 Million, Paternity Suit Covered on '60 Minutes'

As crass as it might be to say, legendary entertainer Michael Jackson is reportedly worth more dead than he was alive.

In an in depth segment on "60 Minutes" Sunday, Jackson's estate was examined with the help of estate attorney John Branca, who gave a candid and eye opening interview about the King of Pop's legacy, death and the stunning financial wealth and strength of his "brand" to the tune of over $600 million (earned since 2009).

"Worldwide box office now is over $300 million. And Michael has almost 60 million Facebook friends. He's the biggest selling artist on iTunes and he's sold approximately 50 million albums since he passed away," Branca told Lara Logan early in the just over 13-minute segment.

While the revamp of the Jackson brand has been big business, including the "This Is It" movie and a Cirque Du Soleil show, Branca insists a great portion of the money will go directly to his children -- this after erasing Jackson's debt.

"The whole objective of Michael's estate plan is to take care of his mother during her lifetime and to accumulate the principle and assets for the benefit of Michael's children," Branca says in video below.

Also, before you watch the entire segment below, John Branca opened up about Michael Jackson's purchase of music catalogs and where those investments stand today. He also discussed the many lawsuits that followed Jackson's death in 2009.

"We started with the Sly & the Family Stone catalog, we bought some rock classics, People Get Ready by Curtis Mayfield. Dion & The Belmonts, Runaround Sue, The Wanderer. When a Man Loves a Woman. Great Balls of Fire. Shake, Rattle, and Roll. But then one day I got the call that the Beatles catalog was for sale. It was called ATV Music. And it was as if we had hit the mother lode," said Branca. "The price was $47.5 million. And we later merged it with Sony's music publishing company to create one of the biggest publishers in the world, Sony ATV Music, that the estate, to this day, owns 50 percent of."

As for the lawsuits, Branca says "There were so many claims that were filed. And I can honestly tell you that most of them were ridiculous. Most of them were absurd. People making paternity claims and claims to have written all the songs that he ever wrote. And, you know, when you have an estate and you're in front of a court, you have to take these things seriously.... Throwing many out, settling the ones that we thought were valid. There's a couple that are still pending."


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Re: Michael Jackson Estate Grosses $600 Million

#14  Сообщение Admin » 12 сен 2013, 22:00

Michael Jackson Estate Executors Get Pay Raise

LOS ANGELES — The executors of Michael Jackson's estate will no longer have to pay some legal expenses and other costs out of their own pockets after a judge approved changes Monday to the estate that has earned hundreds of millions of dollars since the pop star's death.

The changes approved by Superior Court Judge Mitchell Beckloff mean attorney John Branca and music executive John McClain will no longer pay the costs from their share of the estate.

The men had been paying fees for entertainment legal counsel provided by members of Branca's firm, and McClain had been incurring expenses for the use of a recording studio founded by Marvin Gaye.

Those expenses significantly diminished their 10 percent share of Jackson's post-death earnings.

Branca and McClain have been collecting closer to 7 percent of the estate earnings since it became a "massive entertainment business enterprise," court filings state.

Estate attorneys sought the change, saying the executors spend more time than they anticipated on Jackson's affairs. The men have overseen numerous Jackson-themed projects, including the licensing of music, video games and a touring Cirque du Soleil show that will eventually become a Las Vegas fixture.

The men agreed in February 2010 to accept 10 percent of the gross entertainment-related earnings of the estate, minus money generated by Jackson's 50 percent interest in the Sony-ATV music catalog and earnings from "This Is It," a film compiled from the singer's final rehearsals.

The exclusions are huge revenue generators for the estate – the Sony-ATV catalog includes publishing rights to music by The Beatles, Elvis Presley, Bob Dylan and other stars. The executors also have been excluded an interest in Jackson's music, which has sold briskly since his death on June 25, 2009, at age 50.

Since then, the estate has earned more than $310 million.


The percentage covers Branca's work on the estate and McClain's producing services.

Under the deal approved Monday, Branca's firm Ziffren Brittenham LLP will now receive 3 percent of entertainment-related income generated by Jackson's estate in 2011 and future years.

Estate attorney Howard Weitzman said the firm was performing work that would cost more than $2 million a year if it was being handled by another firm, and court filings state that a traditional entertainment estate would include additional managers and attorneys who would receive up to 30 percent of the estate's overall revenue.

There was no estimate for how much McClain's billings might be. He bought and restored Gaye's former Los Angeles studio in 1997, christening it Marvin's Room, and Jackson and other top singers have recorded music there.

The estate benefits Jackson's mother, Katherine, and the singer's three children, Prince, Paris and Blanket, who received an initial $30 million payment earlier this year.

Attorneys for Katherine Jackson and the children had no objection to the changes approved by Beckloff. Meg Lodise, who represents the children's interest, said, "It is quite clear that what they're proposing is going to be fair to the estate."

Weitzman told Beckloff that the estate has recently resolved creditors' claims worth at least $11 million and is working to resolve any other valid outstanding debts. Jackson died with an estimated $400 million in debts, but renewed interest in his music and career have fattened the estate's accounts, which listed $90 million in cash on hand according to a September court filing.


http://www.huffingtonpost.com/2011/12/1 ... 58569.html
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5 challenges facing estate executors

#15  Сообщение Trueamore » 17 сен 2013, 22:36

http://www.forbes.com/sites/trialandhei ... executors/

Top 5 Legal Challenges Facing Michael Jackson's Estate Executors

Many people never stop to think of how hard a job it is to administer the estate or trust of someone who passes away. Often, it’s a thankless job, filled with headaches. That’s certainly been the case for the Michael Jackson Estate executors: entertainment attorney John Branca and music executive John McClain. Well, at least the headache part.

Here are the top 5 legal challenges and complications that the estate executors have had to worry about in the last few months alone:

1. The AEG Wrongful Death Trial: It’s a Thriller!

Now nearing the five-month mark since opening statements, the heirs of Michael Jackson vs. AEG trial has been filled with twists and turns,
from Lionel Richie’s ex talking to the King of Pop’s ghost to Jackson’s childhood friendship with a mouse (as revealed by the Rolling Stone).

Where is the case now? Heading to the jury. While many in the media were quick to report how the Judge recently dismissed two AEG executives from the case, a more telling ruling came down at the same time. As reported by CNN:

"The judge also ruled that the Jacksons “presented substantial evidence” that AEG Live’s “conduct was a substantial factor in causing” Jackson’s death.

This means that it’s completely up to the jury to decide if the Jackson heirs’ $40 billion claim will win or not. If the jury views the evidence like the Judge, and feels that there is “substantial evidence” that AEG hired Dr. Conrad Murray and helped cause Michael Jackson’s death, then his children and mother could win a huge payday.

As any trial lawyer can tell you, juries are unpredictable. Often, plaintiffs have an excellent chance at winning once they get their case to the jury. The fact they’ve made it this far could mean big trouble for AEG.

It also means complications for the estate executors. While they have, for the most part, stayed out of the fighting, more than a few eyebrows were raised when an estate
consultant testified in favor of AEG and against the Jackson heirs. He claimed he did so with approval from the executors. The executors later denied they gave him permission, but it highlights how all of this testimony and publicity can only make their job harder.

For example, the lavish estimates of Jackson’s earning capacity may be used against the estate in its next big court battle: against the Internal Revenue Service.

2. The IRS Tells The Estate: Who’s Bad?

Much was made of Michael Jackson’s debt when he passed away — it was recently estimated to be as much as $500 million. While Branca and McClain have taken some heat (like from Randy Jackson, below), there is no disputing that they’ve done a masterful job at guiding the estate through troubled waters into a series of huge paydays. Reportedly, they’ve brought in over $600 million during the first four years.

There’s one problem that comes with that much success: the tax man. When the Michael Jackson Estate filed its estate tax return, it reportedly claimed his assets were worth only $7 million as of the day he died. The IRS has a slightly different view, estimating the total to be more than one billion dollars … and as much as $1.5 billion, in fact. It says that the estate under-reported his assets so significantly that the estate owes a tax bill of $702 million. The estate disagrees and has sued to fight the IRS.

A large part of this dispute centers on the value of Jackson’s image and likeness. The IRS claims it was worth $434 million, while the estate’s tax filing placed a value of only $2,105.

Which of course, raises the question: If Michael Jackson’s image and likeness, not to mention his other assets (the value of his music, for example), were worth as little as the estate’s tax filing claimed, why has the estate earned so much money since he died? While the IRS appears to be overreaching with its figures — especially placing such a high value on his image and likeness and apparently failing to include his extensive debt — certainly, the post-death success shows that the estate was a tad too aggressive in its tax return filing after Michael Jackson died.

3. Alleged Egg Donor Goes To Court To Send Message To Jackson Kids: I Just Can’t Stop Loving You.

The Michael Jackson Estate has other headaches to deal with. Like who exactly is the mother of Michael Jackson’s three kids? Deborah Rowe is often referred to as the mother of Michael Jackson’s oldest two children, Prince and Paris.

But, a new court filing by a woman named Christine Leroux claims that she was the egg donor for all three of Michael’s children, and she enjoyed a secret, lifetime relationship with the King of Pop. She says she will pursue a custody battle through a guardianship proceeding, because she is worried over the welfare of the kids.

In the filing, Leroux reportedly claims that she chose names for two of the children, she “ordered” Michael Jackson to cover their faces in public, and that she even co-wrote songs Thriller and Heal the World while at the same time helping to create his media image. While Leroux can’t afford an attorney, she wants to take a DNA and lie-detector tests to “prove” the truth behind her words.

She’ll likely have to come up with some pretty compelling evidence for the Judge to even go so far as a DNA test — certainly she can’t be the only woman who’s come forward claiming to be their “real” mother. Plus, being an egg donor is not the same as being legally recognized as a “mother.” In the meantime, though, it’s yet another legal claim that the estate executors have to contend with.

4. Randy Jackson Still Mad At The Executors; Wants Them To Beat It.

As crazy as Leroux’s allegations sound, they don’t stand alone. In fact, far from it. John Branca told 60 minutes that they’ve had to deal with countless ridiculous claims.

Michael Jackson’s executors also have to deal with continued rumblings from Jackson’s siblings, some of whom maintain that the will was fake. Recently, brother Randy Jackson called Branca and McClain — along with their lead attorney, Howard Weitzman — the “three stooges.” He says the family is not happy with them, and points to the recent IRS dispute as the “tip of the iceberg”.

After the failed “kidnapping” attempt of Katherine Jackson last year by Randy and two of his siblings (Janet and Jermaine), Randy admits that the siblings are not all getting along. But the only family member who, at this point, has legal standing to challenge the executors is Katherine Jackson. Despite some initial complaining in the months after Michael Jackson’s death, Katherine has not fought Branca and McClain during the last few years. Many people believed that Randy, Janet, and Jermaine took Katherine Jackson last year in an effort to use her to challenge the executors. But no legal challenge materialized.

Perhaps Katherine and some of the other family members realize that the executors have done an exceptional job bringing in money after Michael Jackson’s death. At $600 million in the first four years, that means that Jackson earned more than any living artist did during the same time period. Not bad for a couple of stooges, right?

5. The Latest Sex Abuse Claim: Was Jackson A Smooth Criminal?

And where would Michael Jackson’s legal turmoil be without at least one claim of child molestation? Choreographer Wade Robson was one of the King of Pop’s staunchest allies during the 2005 criminal trial against Michael Jackson — which found him not guilty of child molestation.

A few months ago, Robson filed a claim against the Estate contending that he was the victim of abuse by Jackson as a child. He points to a breakdown and years of therapy allowing him to reverse course and bring the claim, after repeatedly testifying and saying in interviews that Jackson never touched him.

Normally, a claim filed against an estate this late into the process would automatically be rejected. But California has liberal rules allowing late filings in cases of sexual abuse, as long as it is within three years after an injury from that type of abuse is discovered.

Only time will tell if Robson’s claim is legitimate or not. The estate’s attorney calls the claim “outrageous and pathetic,” so a quiet settlement with Robson isn’t likely. This battle is yet another example of how complicated the administration of Michael Jackson’s estate remains — more than four years after the King of Pop’s death.

Of course, no one should feel too sorry for the executors. They earn a 10% commission on many deals they secure for the estate, including the $250 million Sony deal to release new Michael Jackson songs. So Branca and McClain are well-paid for the work. But they certainly have to work hard to earn it.

While perhaps no other estate executors and trustees have ever had more complicated legal messes to sort through, the Michael Jackson Estate still has an estate planning lesson for the rest of us. Everyone planning their estate should think carefully about who should serve in that all-important role of executor or trustee.

Many make the mistake of automatically selecting the oldest child, or the one who lives closest, rather than the person — even if not a family member — who is the most trustworthy and well-qualified to do the job. Administering an estate or trust is never easy — even when there aren’t Jackson-sized legal dilemmas at every turn. So choose carefully when planning your estate and trust!


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Re: Разные интересные статьи

#16  Сообщение Liberian Girl » 04 окт 2013, 14:03

Michael Jackson's estate: An example of valuations gone wrong  

The IRS and those in charge of Michael Jackson's estate are at odds. The disagreement is leading to court and offers lessons to everyone on how to avoid tax issues when transferring assets.

October 03, 2013 /24-7PressRelease/ -- Michael Jackson's estate: An example of valuations gone wrong.

As an article in Forbes recently stated, when it comes to the valuations made in Michael Jackson's estate the question at hand may be: Who's bad? Someone certainly is, since the valuations used sharply contrast those produced by the IRS. The difference: a whopping tax deficiency of $700 million.

In order to understand the controversy, a basic understanding of federal estate tax is helpful. Estate taxes are applied when the property transferred after death exceeds a certain dollar amount. This amount is set by the federal government. In 2013 any estate exceeding $5,250,000 will require filing an estate tax form.

Determining estate tax: The basics.

Estate taxes are determined based on the value of the property. In order to come up with this amount, a process referred to as valuation is used. This is applied to all assets owned at the time of death, including savings and checking accounts, securities, property, insurance plans and business interests. The total estate also takes into account any debts, which lower the overall value.

Once the assets are accounted for, deductions are applied. Deductions, or exemptions, are reductions to the estate. Some examples include:

-Personal exemption. This refers to the base amount of a person's estate that can be subject to taxation. As noted above, in 2013 this amount is $5,250,000.

-Marital deduction. If the transfer goes directly to a U.S. citizen spouse, it can generally be made without penalty. There is no monetary limit on this transfer.

-Funeral expenses.

If estate tax is owed, the personal representative, executor or person who has possession of the estate should file the appropriate paperwork within nine months of the owner's death.

Was Michael Jackson's estate undervalued?

It appears this question of how much the former King of Pop's estate is worth will be answered in court. The Jackson estate claims the valuation is just under ten million, while the IRS claims an accurate valuation closer to $1.25 billion. As a result, the IRS sent a Notice of Deficiency to the executors of the estate, and the executors countered with a petition to the U.S. Tax Court. The Court agreed to hear the case, and the issue will be formally contested.

Although not many estates reach into the billions, it is not uncommon for tax issues to arise. Life insurance policies and retirement accounts alone can add great value to an estate, which can lead to the need for careful valuations and estate planning. Contact an experienced tax law attorney to help reduce the risk of tax surprises when your estate is transferred.

Article provided by Connors & Sullivan, P.C.

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Re: Разные интересные статьи

#17  Сообщение Liberian Girl » 09 окт 2013, 10:55

Michael Jackson estate sues over products in Japan

TOKYO (AP) - Michael Jackson's estate is suing a man and three companies in Japan, alleging they are using the name and likeness of the late pop star on key chains, mugs and other products without permission.

The lawsuit filed in Tokyo District Court last month does not seek money but demands the actions stop. It names Ryosuke Matsuura and three companies, Michael Jackson Asian Rights, Michael Jackson Enterprises and Michael Jackson World.

The companies run elaborate online sites that proclaim it owns the rights to Jackson products in Asia, displays photos of the singer, and sells 2,100 yen ($21) towels, 525 ($5) post cards and 10,000 yen ($100) lighters that have his image plastered on them.

The estate said it wants to protect its legitimate partners and preserve the legacy of Jackson, who died in California in 2009 from an anesthetic overdose.

"Many in Japan have been misled by the defendants," the estate said in a statement. "Michael loved his millions of Japanese fans, all of whom deserve the opportunity to purchase legitimate and authentic Michael Jackson goods."

Yutaka Fujino, an executive at one of the companies, said Wednesday he wanted to study the AP's questions before commenting.

Estate attorney Kensuke Ambe said Matsuura is contesting the allegations, but he has not heard back from the others. Matsuura did not answer repeated calls.

The estate estimated the value of the unauthorized products at 123 million yen ($1.23 million), according to the lawsuit documents.

"The defendants are taking advantage of the fact that Michael is dead to act as though they have obtained the rights," the documents said.

Also behind the lawsuit is Triumph, an American company wholly owned by the estate and set up by Jackson to handle his merchandising.

The estate erased nearly $500 million in debt after Jackson's death and keeps churning out new products. It opened a Las Vegas Cirque-du-Soleil show this year and is likely considering additional releases of Jackson-related material to ensure his mother and three children keep living comfortably and fans have new material to see and hear.

Triumph sued another Japanese company that sold Jackson goods and won in 2011.

Japanese are among Jackson's most loyal fans, and many stuck with him through his two trials centered on child-molestation charges, which never resulted in convictions. He repeatedly denied the charges. His death brought much of this nation out in mourning.

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Re: Разные интересные статьи

#18  Сообщение Liberian Girl » 25 окт 2013, 11:26

Estate Once Home to Michael Jackson Will Go On the Market for $19.5 Million

A Las Vegas compound once home to Michael Jackson will go on the market for $19.5 million. The pop star rented the gated estate from 2007 until 2009, when he died in California, said the listing broker.

According to listing agent Eddy Martinez of Miami-based World Properties, the 1.8-acre estate includes an 8,500-square-foot, three-story main house with three bedrooms and seven bathrooms as well as an elevator, spa treatment rooms, two kitchens and a large conference room. There's also a large guesthouse and a chapel done in a Gothic style. Grounds include a tennis court, basketball court and fountain.

Mr. Jackson and his children primarily lived in the property's 5,000-square-foot guest cottage, which has four bedrooms, three bathrooms, a kitchen, family room and dining room. Mr. Jackson housed his staff in the main home on the property, according to Mr. Martinez, and converted its master suite into a recording studio. The two buildings are connected by an underground tunnel with a bar and art gallery; Mr. Jackson could use the tunnel to avoid helicopters and paparazzi.

The home is owned by Aner Iglesias, a real-estate investor. It initially came on the market in 2009 for $12.8 million. The property has been used meanwhile for private events, weddings and diplomatic ceremonies. Mr. Martinez said the price increase reflects a dramatically improved market from when the home listed previously.

Mr. Martinez said his company, along with Chinese international real-estate portal Juwai.com, will market the property primarily to wealthy Chinese buyers and will debut the listing this weekend at Top Marques luxury show in Shanghai. "Many Chinese are/were Michael Jackson fanatics," said Mr. Martinez in an email. "For a really wealthy fan of Michael Jackson, it would be a dream come true to own the home where Michael lived and recorded/created his music."

—Candace Jackson and Jason Chow

Off the Coast of Cape Cod, a Private Island With A Nature Preserve Lists for $8.695 Million

A 10-acre private island off the coast of Cape Cod has listed for $8.695 million, according to listing agent Jack Cotton Jr. of Sotheby's International Realty.

Called Fox Island, the property is officially part of Cape Cod's Osterville, one of seven villages that make up the city of Barnstable in Massachusetts. The estate of Carolyn Crossett Rowland is selling the home. Mrs. Rowland was a philanthropist and photographer who died last year. Her grandfather, Edward Savage Crossett, established Arkansas' largest lumber interest in 1889, the Crossett Lumber Company. The firm grew quickly as the national railroad system expanded during World War II. In 1962, after Mrs. Rowland's father Edward Clark Crossett died, the company was sold to Georgia-Pacific.

The property has a 5,870-square-foot home that Mrs. Rowland and her husband, George Rodman Rowland, built in 1973, the same year that they purchased the island for $400,000. The Cape Cod-style house has nearly 360-degree views of water, including North Bay and Dam Pond. There's a saltwater pool near the house. In addition to the estate, there's a nature preserve on the island.

Fox Island can be accessed via a 300-foot-long causeway that can be driven over. The island has 2,500 feet of saltwater frontage including 400 feet of sandy beachfront on North Bay. A seasonal deep water dock, sheltered in Dam Pond, provides access to multiple bays and Nantucket Sound.

Before buying Fox Island, the Rowlands lived in a house in Osterville overlooking Nantucket Sound, according to Mr. Cotton. The estate of Mrs. Rowland could not be reached for comment.

Peggy Rowland and Marcus Nese, also of Sotheby's, share the listing with Mr. Cotton.

—Lauren Schuker Blum

Waterfront Compound in a Russian Enclave of Brooklyn Asks $30 Million

Galina Anissimova, the former wife of a Russian billionaire, is asking $30 million for a waterfront compound. On National Drive in Mill Basin, it is in the heart of a mostly Russian enclave in Brooklyn, listing agents said.

The compound, which has the highest price tag in Brooklyn, agents said, comes with two limestone mansions, a pool and two docks with room for a large yacht on Jamaica Bay. The main house is 14,752 square feet, with a terrace off every room, and the guesthouse is 8,209 square feet.

In total, there are seven bedrooms, three staff rooms, three kitchens, 14 bathrooms and a gatehouse. At the top of the main house, there is a circular mediation room topped by a dome of glass; the room also has a fireplace, sweeping water views and a curved panel with hand-painted astrological signs and symbols. The combined properties have about 257 feet of shore front and a patio pavilion with a small kitchen that seats 40.

Ms. Anissimova is the ex-wife of Vasily Anisimov, a Russian tycoon who made a fortune in aluminum and iron ore and expanded into real estate development. She is selling because she spends most of her time in Florida and plans to buy a place in Manhattan to be closer to her grandchildren, agents said. Last year, a daughter, Anna, listed a 3,900-square-foot apartment in the Time Warner Center in Manhattan for $50 million, but took it off the market after she rented it instead.

Her mother bought the first of the Mill Basin houses in 1996 for $3.7 million when it was still a largely Italian neighborhood. The seller was John Rosatti, a Brooklyn-born entrepreneur and restaurateur. Mr. Rosatti rebuilt the house, adding a pool, and sold it to Ms. Anissimova. Five years later he reached a settlement with the government for creating a large concrete deck and bulkhead on pilings sunk into wetlands. The violation was unintentional, a spokesman for Mr. Rosatti said. Four years later, Ms. Anissimova bought a second property for $2.5 million and rebuilt that one as well.

James Cornell and Leslie Marshall of the Corcoran Group have the listing.

—Josh Barbanel

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Re: Разные интересные статьи

#19  Сообщение Liberian Girl » 09 ноя 2013, 06:21

Michael Jackson's Touring Life After Death: The Billboard Cover Story

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The inside story of why MJ's touring business is now bigger than ever

This is an excerpt. For the complete story, buy this week's issue of Billboard.

In the fall of 1987, not long after the release of his blockbuster album Bad, Michael Jackson and his longtime lawyer/adviser John Branca piled into a van to see the Los Angeles debut of Cirque du Soleil at the Santa Monica Pier.

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They took a van, with Branca driving, despite the fact that Jackson had gifted Branca with a Rolls-Royce, and their journey was briefly stalled after Branca headed in the wrong direction on the congested Interstate 405. But the pair eventually made it to the show. Cirque du Soleil was 3 years old at the time, and true to its inspiration in the circus, was housed in a tent on this visit to Los Angeles. Jackson could hardly contain his excitement to watch the Quebec troupe perform, Branca recalls.

"After the show, Michael said to me, 'Branca, we have to go backstage and meet the cast,'" he says. "I couldn't tell who was more excited, the cast to meet Michael or Michael to meet the cast. That's how enthusiastic he was."

Jackson's growing fascination with Cirque didn't end there. After attending many other performances by the troupe, known for its mesmerizing aerial acrobatics and otherworldly costumes, the King of Pop decided to visit the company's Montreal headquarters to get a firsthand look at its operations.

"I did the tour with him," Cirque president/CEO Daniel Lamarre remembers. "As you can imagine, all our employees were thrilled to have him in our studio, and he was thrilled to be here. He spent a lot of time in our creative studio and our costume workshop. It was a great day."

At the time, Jackson was still filling arenas and stadiums around the world. Neither the pop icon nor Cirque could have fathomed that an arena trek blending hits like "Billie Jean" and "Thriller" with stunning visuals and the theatrical touch of Cirque would one day rank among the top 10 highest-grossing tours in history.

But indeed it has, proving that even in death, Michael Jackson remains one of the most lucrative musical brands in today's live entertainment business.

CONCEIVED THROUGH AN equal revenue-sharing partnership between the Jackson estate and Cirque du Soleil, "Michael Jackson: The Immortal World Tour" recently became the No. 9 top-grossing tour of all time, earning $325.1 million from 407 shows that drew 2,985,324 concert-goers, according to Billboard Boxscore. Tickets prices ranged between $50 and $250.

"Immortal" also ranked fourth among Billboard's top 25 highest-grossing tours of 2012 and took home the Creative Content Award at the Billboard Touring Awards that same year. Although official rankings haven't yet been released, "Immortal" will rank among the highest-grossing tours of 2013 as well.

Cirque du Soleil's Jackson Tour Adding Arena Dates in 2014

On the Boxscore chart, "Immortal" edges out the Rolling Stones' 1994-95 Voodoo Lounge tour (ranked No. 10, with $320 million in grosses) and trails Bruce Springsteen's 2012-13 Wrecking Ball tour (No. 8, $347 million). U2, the Stones and Roger Waters are the top three highest-grossing touring acts, respectively. Jackson is the only deceased artist among the top 10.

The Jackson estate's deal with Cirque also includes a permanent Las Vegas theater production, "Michael Jackson One," that debuted in May at a refurbished, 1,800-seat theater at Mandalay Bay, the former home of "The Lion King" and "Mamma Mia!" Since opening, "One" has been selling at about 93% occupancy from an average of 10 shows per week, according to Cirque.

"The 'One' and 'Immortal' shows represent a true Michael experience, the next best thing to seeing him live," says Branca, who now serves as co-executor of the Jackson estate with John McClain. "'Immortal' is akin to a rock concert experience with a live band in an arena, and 'One' is more of a theatrical show."

With a total development cost of about $145 million, "Immortal" and "One" are two separate and distinct productions built around Jackson's music. Both shows were written and directed by Jamie King, a dancer on Jackson's Dangerous world tour in the early '90s. The productions also feature several other musicians, choreographers and costume designers Jackson worked with during his career.

Despite the onstage absence of Jackson himself, King says the songs, images, spoken-word interludes and other visuals chosen for "Immortal" and "One" reflect the very best of the pop legend's life and musical career.

"I had the heavy responsibility of bringing Michael's spirit onto the stage, reflecting his creative sensibilities and projecting his unbelievable talent for his fans," says King, who has also directed arena tours by Madonna, Britney Spears and Rihanna. "Michael was never, ever missing during the development, rehearsals and launch of these two shows."

"Immortal" debuted at Montreal's Bell Centre in October 2011 and performed its 407th show at New Zealand's Vector Arena on Nov. 3. The trek will relaunch in December with a lengthy run in Dubai before returning to various-sized North American arenas in March 2014 (see story, right). Cirque is also in talks with international promoters about bringing "Immortal" to select overseas territories. So far, it has already visited 25 countries on four continents.

Lamarre believes the tour will continue to climb the Boxscore chart. "I wouldn't be surprised if by the end of the tour, whenever the end of the tour is, we ranked among the top five touring shows in the history of rock'n'roll," he says.

WHEN JACKSON DIED on June 25, 2009, from drug-related cardiac arrest at the age of 50, he was reportedly $500 million in debt from years of excessive spending. Though he still had high earning potential based on 50 sold-out shows for his "This Is It" residency at London's O2 Arena, Jackson has earned more money in death than when he was living. Billboard estimated that MJ Inc. generated at least $1 billion in revenue in the year following his death (Billboard, June 2010).

Last year the Jackson estate paid off the late singer's outstanding personal debt, thanks in part to a lucrative $250 million deal with Sony Music, profits from the concert film "Michael Jackson: This Is It," 50 million albums sold worldwide after his death, his half ownership of Sony/ATV Music Publishing, various licensing deals and the high-grossing Cirque shows.

"Sometimes, sadly, our great artists are appreciated more after they've passed away. Michael was a great artist and his legacy is enduring," Branca says. "But there was a lot of interest in Michael, and a lot of earning power, before he passed away, witnessed with 50 sold-out shows at the O2 Arena."

Overall earnings from the Jackson estate are divided among charity (20%), the singer's children (40%) and his mother, Katherine Jackson (40%). Jackson's three kids will receive Katherine's share upon her death. Generally, Branca and McClain receive a 10% commission rate of the estate's earnings.

Branca says the estate is constantly approached with ideas for Jackson-related projects, but he and McClain are very selective about new partnerships and licensing deals. "We don't want to over-license Michael, but we do license those products that we think are appropriate and fun," Branca says, citing a successful approval for a Jackson slot machine in Las Vegas. "We're careful."

But the co-executors had always planned on a live experience around Jackson's music. Cirque seemed like an ideal partner given the artist's past appreciation for the troupe. So in late 2009, the estate began discussions with Cirque about potential projects. "We had thought about several potential partners to create a show, and after careful deliberation we felt Cirque was the best potential partner," Branca says. "They're very creative and groundbreaking, much like Michael was. They're also perfectionists, like Michael was."

Branca and McClain initially envisioned only a permanent show in Vegas based on Jackson's music, similar to Cirque's perennially sold-out "Beatles Love" concept at the Mirage Hotel, which began in 2006. But after lengthy talks, Lamarre and Cirque founder Guy Laliberte found that a permanent tech-heavy show would take years to create and that a global arena tour could be a lucrative endeavor in the meantime.

"In an ideal world, maybe we would've done both at the same time," Lamarre says. "But when doing a permanent show that will probably last forever in Las Vegas, you have to bring technology that is very complicated. We had to redo the theater at Mandalay Bay, which took almost two years. We couldn't resist the temptation of touring around the world."

Twenty months after the debut of "Immortal," the Jackson estate and Cirque, in partnership with MGM Resorts International, began previews of "One" on May 23. The show officially opened June 29. Cirque says it could sell more than 452,000 tickets from 270 performances by the end of 2013. (Numbers for "One" haven't been reported to Boxscore.)

Cirque and the estate each own 50% of "Immortal" and "One," and share equally in the cost of producing them. The estate receives royalties from the use of Jackson's music and other assets. Royalties also go to Sony for the use of his solo master recordings and to music publishers like Warner/Chappell (which administers Jackson's Mijac Music catalog) and Universal Music Publishing Group (which handles the catalog of songwriter Rod Temperton, who wrote hits like "Rock With You" and "Thriller").

Branca says the two-pronged Cirque deal plays "an important part of the earnings for the estate." But he wouldn't project where the shows rank among the estate's overall portfolio, in terms of revenue.

"These touring shows were created to generate long-term revenue," he says. "But the point of these shows is also to continue introducing Michael to new generations of fans. We're finding that not only existing Michael Jackson fans go to the shows, but also kids and new fans who come and become Michael fans."

BRANCA BELIEVED IT made sense to release an album in conjunction with the "Immortal" tour. So in November 2011, as part of its multimillion-dollar 10-album deal with the Jackson estate through 2017, Sony released the "Immortal" soundtrack on MJJ/Epic Records.

The set features an alternative version of the Jackson 5 hit "ABC" and a series of mash-ups and remixes. The "Immortal" tour utilizes more than 60 songs from Jackson's catalog, but the album includes 15 tracks (the deluxe edition has 22). The soundtrack debuted at No. 24 on the Billboard 200 and has sold 202,000 copies, according to Nielsen SoundScan.

Aside from the soundtrack, there aren't plans to release other albums or DVDs in conjunction with "Immortal" or "One." However, Cirque and the Jackson estate are exploring the idea of releasing a mobile app that provides a look into the show experiences, Branca notes.

Other albums released under the Jackson estate-Sony deal include Michael Jackson's This Is It (2009), Michael (2010) and the Bad 25th-anniversary edition (2012), which included a concert DVD and documentary directed by Spike Lee. They have collectively sold 2.4 million copies. Also released under the agreement was the three-disc DVD set "Michael Jackson's Vision" in 2010, which has sold 133,000.

Cirque du Soleil's Jackson Tour Adding Arena Dates in 2014

"Michael Jackson is without question the most successful artist in the history of Epic Records," Epic chairman/CEO Antonio "L.A." Reid says. "His name is synonymous with our label and we take great pride in the fact that Epic has been his musical home for nearly 40 years. From a musical, emotional and business perspective, continuing our relationship with the Michael Jackson estate is paramount. It is a true partnership committed to furthering his legacy for generations to come."

Rumors continue to circulate about possible new Jackson music-both Brian May and Roger Taylor of Queen have said May has worked on tracks that Freddie Mercury and Jackson recorded in 1983-but neither Sony nor Branca would divulge any details about when fans might see the next album from the King of Pop.

"There's definitely music coming, but I can't reveal when we think it's coming," says Branca, who also declined to reveal whether any other Jackson-related projects are in the works beyond album releases. "Michael had a policy that we try to follow-not to talk about things until they're ready to be released. We like to keep things under wraps until we're ready to go with everything. We have ideas and things we're working on, but nothing that we're ready to announce."

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Michael Jackson Estate's Valuation

#20  Сообщение Trueamore » 12 ноя 2013, 02:48

Michael Jackson Estate's Valuation ($2,105) Vs. IRS' MJ Valuation ($434 Mil.): Guest Post

Michael R. Morris is an attorney with Valensi Rose PLC and is based in Los Angeles, California. As a former trial lawyer for the IRS and a Certified Specialist in Taxation Law, Michael has the educational background and practical experience that enables him to provide insightful solutions to his clients’ complicated tax, estate and business transaction issues.

With all of the media focus on the recent decision in the Jackson family's wrongful death suit against AEG, in which a jury found AEG not liable over Michael Jackson's death, there is another court battle generating less press but which could cost hundreds of millions of dollars. This case pits the estate of Michael Jackson against the Internal Revenue Service, and centers on the $7 million taxable value of the estate's assets which were reported to the IRS. There's little doubt that the valuation of Michael Jackson's name and likeness rights at a paltry $2,105 raised a few eyebrows at the IRS offices -- the IRS' valuation was greater than $434 million and, in all, valued Michael Jackson's estate at more than $1.1 billion. The IRS has issued a notice of deficiency -- a bill for debts owed -- of estate taxes totaling more than $505 million. And because the IRS contends the executors significantly undervalued the estate's property, it tacked on additions of $196 million for good measure!

In response to the IRS' notice of deficiency, sent on on July 26, 2013, the Jackson estate filed a petition with the U.S. Tax Court, contending the valuations of the assets "were accurate and based upon qualified appraisals by qualified appraisers who had extensive experience valuing entertainment industry assets." On August 20, 2013, the IRS filed its response to that assertion, which detailed all of the proposed IRS valuations of Michael Jackson's assets, including his name and likeness. The disagreement has set the stage for a contentious valuation battle.

There's little doubt that the IRS knows that the exploitation of dead celebrity names and likeness is big business. What makes the estate of Michael Jackson's battle with the IRS of extreme interest is that, while the valuation of an estate's assets for federal estate tax purposes is usually made when a person dies (there is an election of value estate assets as of six months after the date of death), any subsequent dispute with the IRS over the worth of celebrity "name and likeness" rights rarely become public.

The rights of a deceased celebrity's estate to that celebrity's name and likeness rights are governed by state, not federal, law. So unless a deceased celebrity died a resident of a state affording posthumous protection for rights of publicity, such rights literally go to the grave along with that celebrity. This happened in the hotly litigated cases involving Marilyn Monroe, where the ultimate determination of her status as a New York and not a California resident meant Monroe's rights of publicity failed to survive her (since New York has no law protecting posthumous rights of publicity).

Conversely, California has for many years statutorily protected the rights of both living and dead celebrities in their names, voices, signatures, photographs and likenesses. In fact, these rights extend for 70 years after death, and, like most property rights, are licensable, transferable and descendible.

The holder of the deceased celebrity's right of publicity must, however, register the claim with the California Secretary of State (a simple procedure), and until that is done, damages cannot be recovered for any use prior to such registration.

To come within this statutory protection, California law requires that a decendent's right of publicity must have had "commercial value at the time of his or her death, or because of his or death."

Determining the value of intellectual property based on projected future earnings and discounted to a present value is not an exact science. In the case of the King of Pop, his estate has generated hundreds of millions of post-mortem licensing dollars, which the IRS no doubt factored into its valuation. So now the IRS and the estate of Michael Jackson are locked in a hotly contested battle over just how valuable the future earnings power of Michael Jackson's posthumous celebrity rights could be. While the Jackson case may settle prior to the Tax Court's adjudicating what these rights are worth, the litigation between the IRS and the Michael Jackson's estate could signal similar IRS scrutiny of other high-profile celebrities' name and likeness rights. Accordingly, the administrators of such estates need to be aware of the necessity to engage both qualified appraisers to value such rights and experienced tax professionals to defend against the inevitable IRS audit.



http://www.billboard.com/biz/articles/n ... -vs-irs-mj

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