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.
Several points:
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."
