The late King of Pop, Michael Jackson, was not only a legendary entertainer but also a shrewd businessman. While he captivated audiences worldwide, Jackson was negotiating deals that cemented his status in the boardroom.
Jackson’s Business Practices
However, his business tactics sometimes alienated those he once considered friends like Paul McCarthy, who became angry after Jackson swiped The Beatles catalogue right from under his nose, and Quincy Jones for ditching him after he produced “Off the Wall” and “Thriller” for a younger New Jack Swing sound.
Another notable instance is his relationship with Vincent Price, the iconic voice in the spoken word section of Jackson’s title track from the 1982 “Thriller” album.
Price, who died in 1993, was renowned for his roles in nearly 100 films from 1938’s “Service de Luxe” to his last, 1990’s “Edward Scissorhands,” had a voice synonymous with horror. When songwriter Rod Temperton decided to change the lead song on Jackson’s second solo project from “Starlight” to the spookier-themed “Thriller,” he envisioned adding a spoken word section to enhance the track’s eerie theme.
Jones, the album’s producer, agreed, and his then-wife Peggy Lipton suggested Price for the part. She was right. Price recorded his portion in just two takes, according to Legacy.com.
Despite Price’s significant contribution, the business side of things left him feeling shortchanged. Jackson hired Price as a work-for-hire artist rather than a songwriter or co-collaborator.
The actor-turned-horror-rapper later revealed on “The Tonight Show” that he was given a choice between a percentage of the album’s proceeds or a flat $20,000 fee. Without much deliberation or reading the paperwork, he chose the latter.
When host Carson asked Price if he knew how much money he had missed out on, considering the album’s immense success, Price replied, “How well I know.”
His daughter, Victoria Price, detailed in her 1999 book “Vincent Price: A Daughter’s Biography” that her father felt Jackson had cheated him. She wrote, “[Vincent’s] desire to remain in the public eye often led him to accept paltry fees. His work on ‘Thriller’ simply followed that pattern; but when the album began making its millions, he was irate, feeling that Jackson should have materially acknowledged his significant contribution.”
Hoping to rectify the situation, Price sought payment for his appearance in the music video, which became one of the most famous music videos of all time. However, Jackson’s legal team had buried a video clause in the recording contract, effectively refusing further payment.
The success of “Thriller” only deepened Price’s frustration. When news broke of Jackson’s multi-million-dollar settlement over misconduct allegations, Price quipped, “All I can say is that Michael Jackson f—ked me–and I didn’t get paid for it!”
Victoria recalled that Jackson eventually tried to mend fences. He never offered financial compensation, but he did send a gesture of goodwill.
The daughter recounted, “One day I answered the door at my father’s house to find three members of Jackson’s entourage. They came bearing a gift—a letter of thanks from Jackson and a large frame containing a poster of the pop star and one gold and two platinum albums, all dedicated to Vincent.”
Price’s reaction was mixed; he initially laughed but remained irked by the gesture. He later auctioned off the gold disc, donating the proceeds to his gallery at East Los Angeles College.
Despite not receiving one additional red cent, Price did benefit indirectly from “Thriller’s” success. He tapped into a younger demographic, booking radio spots globally. Disney approached him for voiceover work in their 1986 animated film, “The Great Mouse Detective,” and he played the villain, Professor Ratigan. Four years later, he starred in “Edward Scissorhands,” a role written specifically for him.
Price passed away at 82, still harboring regrets about his business dealings with Jackson. He was worth an estimated $5 million at the time of his death. Jackson, who died in 2009, left behind a debt of $500 million.
However, the estate did not stay down for long. Fifteen years after his death, Jackson’s estate has grown to a staggering $2 billion.
His business dealings from his acquisition of ATV publishing in 1985 and merging ATV Music with Sony Music Publishing to create Sony/ATV Music Publishing, shows how Jackson’s brilliant business acumen is making money for his heirs and estate from beyond the grave, even if they can’t access it.
A recent report shows that his children, Prince, Paris and Bigi formerly known as Blanket, have been cut from the trust, until the estate can settle a $700 million IRS claim.