Est. 1998
Financial Flop?
It’s still a bit of a mystery, and there are conflicting reports, depending on what newspaper you are reading or what television report you see. Some auction watchers say that the memorabilia sold for over $2 million, while others say it reached between $600,000 and $700,000. The final figure is in dispute and we are told that further auctions will follow.
Universal Express have said that they own many more items which they are going to auction including recorded but unreleased songs, but the legality of issuing them commercially would probably be in question.
Henry Vaccaro, who sold the items to Universal Express, bought several items himself at bargain prices, saying he would have been crazy not to do so. He was reportedly paid $5 million for the collection.
Michael’s black coat with a letter ‘M’ initialed on it sold for $24,000, while a copy of the Neverland Ranch purchase contract was only $100. Hundreds of other items only reached $100 yet, some of Michael’s awards for his most famous songs sold well and reached high prices.
Perhaps we will never know if the sale was a success or not…
Source: Associated Press & MJWN
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