It’s a well-known fact that Michael Jackson had huge debts before his sad passing earlier this year. The 50 concerts arranged in London were set to alleviate his money worries, but Jackson was still in the red at the time of his death. Now, the New York Times has estimated that the King of Pop is set to make an astonishing $200 million before the end of 2009.

The article claims that Jackson has already earned $100 million from a forthcoming film and various merchandise deals. “Clearly that’s a new record for estates that likely will not be broken,” said Jackson’s lawyer, John G. Branca. The article points to the handling of Elvis Presley’s estate—which earned $55 million in 2008—as the way forward. “When you look at what the Presley estate has done, you see the opportunities here,” Branca said. “I quite frankly think this will be a bigger estate.”

Naturally, there are enormous problems to overcome before Jackson is turned into a Presley-esque industry. The singer’s mother, Katherine Jackson, is at odds with Branca and his colleague, music executive John McClain (no, not him!). Nevertheless, Branca estimates the Jackson industry could earn between $50 million to $100 million every year, including enormous revenue from a no doubt extremely tacky public display of his memorabilia planned in Las Vegas.

[New York Times]