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UPDATE WITH VIDEO: Drug overdose insurance had been purchased by Jackson concert promoter
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Michael Jackson. AP photo.
AEG, the concert promoter behind Michael Jackson's would be comeback tour which included 50 concerts in London alone, took out an insurance policy on Jackson that included coverage for a possible drug overdose, it's been reported today by TMZ. What the policy did not cover was death from natural causes. Accidental death was also covered. The policy allegedly insures up to $17.5 million, and was purchased from Lloyd's of London. According to the report, what was not covered in the policy is approximately $25 to $30 million in Jackson's advance and living expenses that the tour was paying for.
Three quarters of a million tickets worth $85 million were sold to the would be concert, according to the Los Angeles Times. AEG is promising a choice of either full refunds or specially designed commemorative tickets with 3 dimensional Michael Jackson figures attached. According to the report 40-50% of all ticket holders have opted for the commemorative tickets.
The report today claims that because of the insurance policy and the demand for the commemorative tickets by fans, AEG may still stand to make a profit in spite of their starring performer's untimely death.
Below is video posted on You Tube of Jackson's last rehearsal for what would have been his "This is It" tour.
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