The ‘Best Picture’ Oscar that Michael Jackson purchased for $1.5million
What do you do when you can’t win an Oscar? Well, you buy one, of course. OK, maybe not you, but that’s exactly what Michael Jackson did when he had the chance to, but the fate of that golden statuette isn’t exactly a conventional one. In fact, the story of that prize itself might just get its own Oscar-bait biopic one day.
Like Elvis before him, Jackson, after having conquered the world of music, probably harboured dreams of also making it to the top of Hollywood. While he was connected with a number of film projects throughout his lifetime, in one of his interviews, the ‘King of Pop’ once admitted that his acting ambitions were severely impacted by his touring schedule.
Despite the fact that his acting stardom never really materialised (not that it mattered much since he was already at the very centre of global popular culture), it didn’t stop Jackson from getting his hands on a ‘Best Picture’ Oscar statuette. Whereas most filmmakers and actors pay with their hard work and awards season campaigning for those, Jackson only had to shell out a paltry $1.5million for his.
Purchased in a Sotheby’s auction in 1999 from the estate of producer David O Selznick, Jackson paid a record-breaking sum to acquire the ‘Best Picture’ statuette that Gone with the Wind received in 1940. Although it was valued at $300,000 at the time, Jackson made sure that nobody was going to outdo his bid with a number as ridiculous as that.
Interestingly, the Academy’s regulations stipulate that winners or their estates cannot do anything resembling a sale or transfer of the prizes before consulting with the Academy about it: “Academy Award winners have no rights whatsoever in the Academy copyright or goodwill in the Oscar statuette or in its trademark and service mark registrations. Award winners must comply with these rules and regulations.”
Continuing: “Award winners shall not sell or otherwise dispose of the Oscar statuette, nor permit it to be sold or disposed of by operation of law, without first offering to sell it to the Academy for the sum of $1.00. This provision shall apply also to the heirs and assigns of Academy Award winners who may acquire a statuette by gift or bequest. Gold miniature Oscar statuettes are subject to the same regulations as the standard-size statuettes.”
However, since the Gone with the Wind Oscar was awarded before these rules came into effect, that particular statuette wasn’t limited by this, and Jackson was able to legally buy something that has become significantly more difficult to financially acquire these days. If you’re wondering if the prize was sold again by Jackson’s estate after his death in 2009, here’s where things get even more interesting.
Following his demise, there was an effort from the executors of his estate to locate this historical Oscar statuette, but it seemed like it had vanished into thin air. Believed to have been either stored at his famous Neverland Ranch or kept at his Los Angeles home, the million-dollar accolade could not be found by anyone.
The estate’s attorney, Howard Weitzman, even released a statement confirming the same, asking anyone who has it to return it to Jackson’s children, which only makes one wonder how much it would go for in an auction now if it turned up out of the blue tomorrow.
