A new financial report submitted in court shows that the estate of Michael Jackson has earned more than $310 million since the pop icon's death in June of 2009. But before you go gasping at the number and thinking everyone is rolling knee deep in dough, lawyers for the Jackson family say most of the the money has been put toward the $400 million debt he left when he died.

A rough $159 million of MJ's after death earnings have been used by the estate. Of that large amount, $40 million was owed to concert promoter AEG Live for the botched tour the King of Pop had been in rehearsals for at the time of his unexpected death, while $27.2 went towards tax payments. On a more personal level, $935,000 was spent on burial expenses, and $4 million on mortgage payments for a new home for his family outside of Los Angeles in the San Fernando Valley.

Since his death, Jackson's estate has been hyperactively releasing new products from the deceased pop star, to preserve his iconic image. First came the 'This Is It' concert film and DVD, followed by other smaller releases like the 'Michael Jackson: The Experience' video game, the first Jackson posthumous album 'Michael,' and 'Visions' music video box set. Executors in Jackson's will allege they have "successfully rebuilt and enhanced Michael Jackson's image" since his death and "made substantial progress in reducing the estate's debt." The AP reports that lawyers for the estate are also "restructuring" his many debts and investments, including his stake in the Beatles catalog.

The benefactors of Jackson's estate are his three kids and their guardian, Jackson's mother Katherine. However, lawyers say that they are still rifling through more than 65 creditor's claims that the estate has received since Jackson's death, with "extremely high" interest rates. A judge will review the financial report and a hearing is set for May 5.

Watch Michael Jackson's 'Hold My Hand' off 'Michael'
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