LOS ANGELES (CBSLA.com) — A financial expert testified Monday at the Michael Jackson wrongful-death trial and suggested that the late pop-star stood to make quite a large sum through the tour that never happened.
Arthur Erk, a veteran accountant who specializes in artist royalties and business management, testified that he has spent over 200 hours studying the testimonies of the trial, along with A.E.G. contracts and ticket sales for other top artists.
After taking into account the 37 months of the tour, including two performances per week, along with merchandise, endorsements, and royalties from a Las Vegas show, playing Jackson’s music, the lost income is estimated between $1.1 to $1.5 billion.
“Michael Jackson was in a class all his own…” Erk testified. “He was known as the King of Pop. There’s nobody who has ever come close to him.”
CBS2/KCAL9 legal analyst, Steve Meister, suggests that, despite other variables in the assessment of lost income, veteran artists in the twilight of their careers can still make a lot of money.
“The Rolling Stones are still on tour and they’re making a lot of money, Fleetwood Mac is touring (and) their making a lot of money, Aerosmith gets together and they make a lot of money, The Eagles are on what they call their assisted-living tour for the past five years” Meister noted. “They’re all, you know, aging rock stars (who are) making money, and none of them are Michael Jackson.”
A.E.G. is expected to present their own financial expert when they are called for their side of the case.