A memorabilia auction of "thrilling" proportions kicked off in Las Vegas today, as more than 1,100 items related to the Jackson family (that's Michael, Janet, and the rest; not Andrew, Alan, or Kate) hit the auction blocks at the Hard Rock Hotel and Casino. Fans and collectors from around the globe are expected to descend, with millions of dollars in hand to scoop up some of the King of Pop's mementos. Called a "once-in-a-lifetime occurrence" by the president of Guernsey's auction house, the list of items includes a 1987 inked contract for Michael Jackson's $30 million purchase of his "Neverland" ranch and the handwritten lyrics for Jackson Five single "ABC." One of the singer's famous militaristic red jackets is also available for the right price, as well as with a frilly dress worn by an eight-year-old Janet Jackson (I'm assuming this item is free of wardrobe malfunctions).
Two weeks ago, Jackson's team of attorneys stopped its attempt to block this auction from occurring. Mr. Jackson was seeking the return of many items he deemed personal property, but which luggage transportation company Universal Express currently owns. Universal bought the collection for $5 million from a New Jersey businessman, but now projects the materials could fetch about $50 million.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
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