The value of Michael Jackson’s estate has seen a major reduction following the ruling of Judge Mark Holmes.

Following the 2009 death of the legendary singer, the IRS valued Jackson’s net worth at $482 million, leaving his heirs--his three children and mother--in a fight with the tax agency over a bill that went up to $700 million due to penalties from underpayment.

Holmes’ new calculations valued Jackson’s estate at $111 million, due to controversies surrounding the pop star at his time of death, including mismanagement of finances and child sexual abuse allegations, which damaged his public image.

When the singer died from a lethal dose of the anesthetic propofol, the IRS valued Jackson’s likeness at $161 million. However, Holmes ruled against the figure and estimated the value was actually $4.15 million.

The IRS also valued Jackson’s overall estate to be worth an estimated $482 million. However, Holmes’ ruling scaled back that figure to $111 million.

John Branca, the co-executor of the late singer’s estate appeared satisfied with the latest court ruling.

“We’re pleased,” he said in a statement. “We always try to do the right thing. We tried from the beginning to follow the IRS rules and regulations and relied on the best experts possible. It’s unfortunate that we were forced to litigate to protect ourselves.”

Meanwhile, Jackson’s 50% stake in Sony/ATV Music Publishing was valued at $320 million by the IRS, but Holmes’ ruling found they were worth around $107 million at the time of his death.

“We’re at an absolute turning point,” Branca said. “I think people have come to realize that Michael was innocent of any charges and unable to protect himself. We’ve got a wonderful Broadway play coming, we’ll be reopening our Cirque du Soleil show soon, and we’ve got some surprises coming.”

Along with the new estimation of Jackson’s assets, last week, a judge threw out a child sex abuse lawsuit filed by Wade Robson, a choreographer, who was featured in the 2019 documentary “Leaving Neverland.”

Michael Jackson was nominated for the peace prize in 1998
Michael Jackson was nominated for the peace prize in 1998 AFP / TIMOTHY A. CLARY