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Michael Jackson brings in £60 million since his July death

14 AUGUST 2009

King of pop Michael Jackson has earned £60 million from a surge in music and merchandising sales in the 50 days since his death.

And a wave of new contracts – including a film deal – mean another £60 million is expected by the end of the year for the late singer, who reportedly owed £265 million when he died.

Experts are predicting his posthumous earnings are certain to overtake those of Elvis Presley, whose legacy netted £33 million last year.

Administrators of his estate said this week that interest in the Thriller singer has soared above all expectations. They predict future gains of up to £60 million with each passing year.

"That is a new record for estates which is unlikely to be broken," said the star's lawyer John Branca, who was named co-executor of his estate in Michael's will with music executive John McClain.

The pair have brokered a series of big money deals, including a £36 million agreement with Sony pictures to produce a film based on the final footage of Michael rehearsing for the O2 shows. The movie hits cinemas in October.

Other high profile agreements include a merchandising deal worth £9 million and a £3 million deal with various companies to produce calendars, medals and a £90 coffee table book.

Michael's mum Katherine, who was named legal guardian of Michael's children in his will, has apparently made legal moves to be a third executor so she can have a bigger say in how his legacy is handled.