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OTRC: Michael Jackson is top-earning dead celebrity - See list

Michael Jackson announces his 'This Is It' London concert series on March 5, 2009. After he died on June 25 of that year, his mother sued promoter AEG Live over alleged civil negligence in relation to his death. (Richard Young / Startraksphoto.com)

Michael Jackson is still proving to be a top-selling artist even years after his death.

The King of Pop landed in the No. 1 spot on Forbes list of top-earning dead celebrities, which was released on Wednesday, Oct. 23. The singer beat out celebs like Elvis Presley and Elizabeth Taylor to claim the top spot.

According to the magazine, Jackson's estate earned an estimated $106 million between October 2012 and October 2013. The outlet calculates its estimates by talking to estate managers and others involved in the business of dead celebrities.

Check out the top five celebs featured on Forbes' list of top-earning dead celebrities below.

1. Michael Jackson - $160 million.

According to Forbes, Jackson's estate earned the bulk of its $160 million for two Cirque du Soleil shows, "Immortal" and "One," which use Jackson's music and more in the shows. Jackson's estate also earns money from his share of the Sony / ATV music catalogue, which includes songs by The Beatles, Lady Gaga and more.

2. Elvis Presley - $55 million.

Although Presley died over 36 years ago at the age of 42, his estate is still making millions off his former home, Graceland, which has become a tourist destination, his popular image and music library.

3. Charles Schulz ("Peanuts" creator) - $37 million.

Schulz, who died in February 2000, created the "Peanuts" comic strip with characters like Charlie Brown, Snoopy and Lucy. Forbes reports that a film featuring the "Peanuts" characters is being developed at Fox.

4. Elizabeth Taylor - $25 million

The Hollywood legend is still earning money from her fragrance White Diamonds, which was released in 1991. Taylor's estate also has rights to some of her films and while she was alive, the actress made many wise stock and real estate investments.

5. Bob Marley - $18 million.

The reggae singer has remained iconic since his death in 1981 and his estate is involved in several businesses like the Marley Beverage company and House of Marley, which makes audio and lifestyle products, according to Forbes. His albums also still sell well.

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