Posts

Aaliyah Estate Releases Statement After Former Label Teases Music Release 

The late Aaliyah was truly an icon in the 90’s. Her untimely death left a true void in the pop/R&B sphere but her talent has continued to live on for decades. However, a majority of the singer’s music is unavailable to stream on most platforms. Her albums One In A Million (1996) and Aaliyah (2001) have remained off all platforms since the dawn of their existence. 

Embed from Getty Images

Aaliyah’s earlier singles and debut album Age Ain’t Nothing But A Number (1994) are available. This week, fans on social media began to speculate that the remainder of her discography would finally be uploaded to streaming services after the account Blackground Records 2.0 shared a new website and hashtag: #AaliyahIsComing. 

The original Blackground Records was owned by the late singer’s uncle and former manager Barry Hankerson, who released the majority of Aaliyah’s music. Hankerson owns the majority of Aaliyah’s master recordings aside from her debut album, and he confirmed that he’s behind the label’s “2.0” revival which suggests he’s also behind the new hashtag. 

The Estate of Aaliya Haughton shared a statement this week, detailing the battles behind the scenes they’ve faced when it comes to releasing the icon’s music, including this recent attempt: “We’ve battled a lot behind the scenes, enduring shadowy tactics of deception with unauthorized projects targeted to tarnish the work.” 

Embed from Getty Images

“Although we will continue to defend ourselves and her legacy lawfully and justly, we want to preempt the inevitable attacks on our character by all the individuals who have emerged from the shadows to leech off of Aaliyah’s life’s work.” 

“Ultimately, we desire closure and a modicum of peace so we can facilitate the growth of the Aaliyah Memorial Fund and other creative projects that embody Aaliyah’s true essence, which is to inspire strength and positivity for people of all creeds, races and cultures around the world,” the statement continued. 

The estate also released its own hashtag, #IStandWithAaliyah, which superstar Missy Elliott, who was also close with Aaliyah, retweeted. 

“While we share your sentiments and desire to have Aaliyah’s music released, we must acknowledge that these matters are not within our control and, unfortunately, take time.”

Courtroom

Michael Jackson’s Estate Reaches Tax Victory In Court Battle 

Michael Jackson’s estate won a major years-long court battle after a US tax court found that the IRS inflated the value of his assets and image at the time of his death. 

According to reports, “The IRS had put the value of three disputed aspects of Jackson’s worth at the time of his 2009 death at about $482 million. This led to an estate tax bill for his heirs that was far too high given the King of Pop’s financial situation when he died. In his decision issued Monday, Judge Mark Holmes put that figure at $111 million, far closer to the estate’s own estimates.”

Embed from Getty Images

“We’re pleased. We always try to do the right thing. We tried from the beginning to follow the IRS rules and regulations, and relied on the best experts possible. It’s unfortunate that we were forced to litigate to protect ourselves,” co-executor John Branca told The Associated Press on Tuesday.

The judge claimed to have mainly disagreed with the IRS over their value of Jackson’s image and likeness, which seemed to dwindle after multiple accusations of child molestation against the singer. The IRS gave an estimate of $161 million while Holmes ruled it was just $4.15 million. 

“Despite Jackson’s acquittal on all counts at his 2005 trial, the allegations continued to dog him, and while Jackson was selling out dates for a planned world tour when he died, he could not find a sponsor or merchandise partner. “The fact that he earned not a penny from his image and likeness in 2006, 2007, or 2008 shows the effect those allegations had, and continued to have, until his death,” Holmes wrote in the 271-page decision.

Embed from Getty Images

After the two lawsuits involved in the 2019 documentary “Leaving Neverland” were dismissed this year, however, as well as the pandemic forcing many projects to be delayed, Jackson’s estate leaders feel like it will not be the perfect time to start promoting Jackson’s legacy. 

“We’re at an absolute turning point,” Branca said. “I think people have come to realize that Michael was innocent of any charges and unable to protect himself. We’ve got a wonderful Broadway play coming, we’ll be reopening our Cirque du Soleil show soon and we’ve got some surprises coming.”

The judge noted that the estate has received massive success following Jackson’s death through his shows, concert films and several strategic moves to sell his assets. However, he also claimed that “the IRS appeared to be factoring those successes into its decisions rather than considering only the circumstances at the moment of Jackson’s death, when things were considerably more grim after several years of waning popularity, poor management and reckless spending from Jackson.”

The judge went on to mock the estate’s initial valuing of Jackson’s image and likeness at only $2,000, however, they were also “putting one of the best known celebrities in the world, the King of Pop, at the price of a heavily used 20-year-old Honda Civic.”

Real Estate

How the Real Estate Landscape Will Change in 2020

A widely anticipated industry report, entitled Emerging Trends in Real Estate 2020, was just released by the Urban Land Institute and Pwc. According to the report, while real estate economists’ views on economic growth in the US are moderate, the real estate market should remain steady through 2021. The conclusions of the report are based on a survey conducted in August of 41 economists and analysts at 32 leading real estate organizations, who, despite warning signs of an impending recession and an escalation of the U.S.-China trade war, were generally optimistic about the future of real estate.

That being said, the report stresses the importance of adaptability to change and discipline as necessary factors for the industry to be able to remain strong in the face of a possible economic downturn and potential decreases in real estate demand over the next few years. Although blame for the last major recession was placed in part on the real estate industry for reckless lending practices and fraudulent activity, the report suggests that a future recession wouldn’t be the fault of the real estate industry. Over the past ten years the property sector has become disciplined, the report says, and any warning signs about an economic dip relate to factors that the real estate industry does not control.

Embed from Getty Images

According to the report, a dynamic perspective on real estate and a rethinking of growth strategies are necessary for the real estate industry to thrive, and real estate prospects are highest in the cities of Austin, Raleigh, Nashville, and Boston. As housing needs for Millennials and Baby Boomers continue to change, multifamily and single-family housing will be in increased demand, and office spaces, hotels, and retail locations are likely to see a decline.

The report also observes the effects of the housing affordability crisis, which has the most impact in cities where the cost of living is high, including Washington, D.C., Boston, Los Angeles, San Francisco, and San Jose. Affordability is a problem not only for low-income households, but for the middle class as well, a section of the population which is rapidly shrinking as greater numbers of people fall into economic uncertainty. The effects of this crisis mean that multi-family households and co-habitation arrangements are likely to increase in popularity, changing the market somewhat.

Additionally, the report talks about the effects of climate change on real estate, and specifically points to the impact of extreme heat in urban areas. Rises in temperatures mean that cooling apartment buildings will become more expensive, and the threat of wildfires, droughts, and air pollution pose economic problems. Climate change is not the only cause of rises in extreme heat, the report claims, as increased urban development also contributes to the problem. For handling the problem, the report recommends the use of light-colored building materials and smart use of direct cooling from shade.

Embed from Getty Images

As a result of difficulties with affordability, co-living is on the rise, not only for younger generations but for older ones as well. Though the trend is caused in large part by worsening economic conditions for most people, the report highlights the social benefits of co-living, which helps to create a sense of community among people, particularly in an age where technology has the power to make people feel more isolated.

The report claims the lifestyle enjoyed by young people in cities is spreading to suburban areas, which increasingly feature nightlife opportunities, and incorporate transit access, walkability, and abundant options for retail, restaurants, and recreations. As Baby Boomers are expected to live longer and stay more active than previous generations have, the implications for housing are positive. And as communities increasingly recognize the threat posed by environmental damage, they are developing a commitment to environmental and social principles including sustainable engineering and design and socially conscious business practices. 

As the federal government fails to update the country’s infrastructure, some individual states have announced a commitment to doing so instead, making them a more attractive opportunity for the real estate industry and laying the foundation for economic growth. Finally, the report finds that technology is having a strong impact throughout all types of property, as consumers increasingly demand technological solutions for productivity and efficiency.