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Michael Jackson named top-earning dead celebrity

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Michael Jackson has been named the highest-earning dead celebrity of the past year.

The late 'Thriller' hitmaker - who died in June 2009 aged 50 - has topped Forbes' annual list of the Top Earning Dead Celebrities for the second consecutive year after his estate brought in $170 million between October 2010 and October 2011 from sales of his music and his stake in the Sony/ATV catalog.

The estate of the King of Pop - whose earnings dropped from $275 million 12 months ago - is set to take half of the profits from the Cirque du Soleil theatrical production 'Michael Jackson: The Immortal World Tour', which started earlier this month.

Jackson sold an industry-leading 8.3 million albums in the U.S. the year he died, nearly twice as many as second-place Taylor Swift. That same year Sony agreed to pay Jackson’s estate $250 million for 10 musical projects over the next seven years, and another $60 million for the rights to This Is It, which subsequently became the highest-grossing concert film and documentary of all time. More recently, DVD sales and publishing royalties from Jackson’s own Mijac Music have added double-digit millions to his annual take.

Jackson’s most valuable asset is a 50% stake in the Sony/ATV music catalog. Purchased by Jackson for $47.5 million in 1985, the catalog includes hits from the Beatles, Elvis Presley, Eminem and others—and though he sold half to Sony in 1995, his share still throws off $50 million to $75 million a year. But don’t be surprised if the Cirque du Soleil show becomes the top jewel in Jackson’s postmortem cash crown, according to Forbes.

The show has already sold $40 million in tickets and grosses an average of $2.5 million per night, according to concert data provider Pollstar. That’s a full $1 million more per show than Jay-Z, Lady Gaga or Justin Bieber. The show’s early success can be attributed in part to the broad appeal generated by combining Jackson’s iconic voice with Cirque’s fantastic feats of human movement.

Elvis Presley's Cirque du Soleil show 'Viva Elvis' helped him to second on the list with a posthumous fortune of $55 million in the past year, and the estates of Beatles legends John Lennon and George Harrison - who placed fifth and 13th respectively - also benefited from similar productions.

Dame Elizabeth Taylor - who died in March - made her debut in the list, appearing in joint fifth after making $12 million, while the late actress' estate will earn more money this year when her jewels, artwork and gowns go up for auction on December 16.

Iconic actress Marilyn Monroe placed third on the list, while Peanuts creator Charles Schulz was ranked fourth.

Full list of Forbes Top Earning Dead Celebrities:

1. Michael Jackson $170 million

2. Elvis Presley $55 million

3. Marilyn Monroe $27 million

4. Charles Schulz $25 million

5= John Lennon $12 million

5=. Elizabeth Taylor $12 million

7. Albert Einstein $10 million

8. Theodor Geisel $9 million

9= Jimi Hendrix $7 million

9= Stieg Larsson $7 million