is no longer the world's highest earning dead celebrity.
The King of Pop was ousted from the top spot by his late friend, the actress Elizabeth Taylor
Jackson's still substantial estate is now in second place in Forbes' annual top earning dead celebrities list, after bringing in earnings of $145 million (£90 million), as compared to Taylor's $210 million (£130 million).
A host more music stars have made the Top Ten, with Elvis Presley
in third place, bringing in $55 million (£34 million) over the past 12 months.
Reggae superstar Bob Marley
is in fifth position after making $17 million (£11 million), whilst The Beatles
' John Lennon
is in sixth with $12 million (£7 million).
Earlier today it was reported that Conrad Murray
, the former doctor convicted of causing Michael Jackson's death in 2009, could be released by Christmas because of fears of overcrowding in US jails.
Murray was sentenced to four years in an LA jail for involuntary manslaughter in November 2011. However, Murray's lawyer has described keeping her client imprisoned as "a waste of everybody's time"
and is confident he will be released early if a deal to replace the sentence with community service can be struck.
Lawyer Valerie Wass
said: "I hope Conrad may be allowed to come home for Christmas. It is ridiculous he has been in there for a year. He is not dangerous, violent or the type you need to take off the streets to punish him. They have already stripped him of his medical licence and it is a waste of everybody's time and money to have him in there."
Tnaks to NME
for the report.