Before his death in 2009, Mr Jackson faced debts of up to £388 million (US$500 million) however, new court documents claim his brand has gained millions of dollars and the executors of his estate have now “disposed of most of the creditors’ claims”.
The court papers were filed at a Los Angeles court by his executors, which included Mr Jackson’s close friends – John Branca and John McClain.
The 73-page document also stated that the pop icon’s hits, such as Thriller, retrieved a total of £1,880,048 (US$2,448,584.99) in publishing rights.
Meanwhile, Mr Jackson’s estate earned a total of £57.4million (US$74million) in the year of 2015, leaving his three children – Prince, 21, Paris 20 and Blanket, 16, – with millions in his name.
His merchandising arm, Triumph International, brought in £14.5 million (US$18.8 million) – the highest of all earnings.
The documents also revealed details of his family’s expenditure, which included a £8.3 million (US$10.8 million) house for the children, and £776,000 ($1 million) to cover his mother, Katherine’s health costs.
Katherine, 88 also received an allowance of £197, 882 (US$257,379), which goes into maintaining her home.
His son, Prince, who wants to become a film director, was given £53, 818 (US$70, 000) for a truck and spent £6920 (US$9000) on a Chevron fuel card for his vehicle.
The children, Paris, Prince and Blanket, went to Hawaii five times for holiday and were given a spending allowance of £21,911 (US$28, 000) each.
Mr Jackson’s house, Hayvenhurst cost a total of £120,707 (US$157, 000) which includes £46,130 (US$$60,000) for building works to the property, as well as installing a house alarm.
The court papers, which reveal expenditures for the year of 2015, state that although executors have “disposed of most of the creditors’ claims”, some debts still remain.
Michael Jackson was born on 29 August 1958 in Gary, Indiana and was part of a famous 60s band with his brothers, called the Jackson 5.
He died on 25 June, 2009 from a cardiac arrest in his Los Angeles home, with the official cause of death cited as the “acute propofol intoxication with a contributory benzodiazepine effect”.