London, Oct 25 (ANI): Michael Jackson’s estate might lose almost one third of its value, owing to a new lawsuit worth 300million dollars from a furious concert promoter.

Music boss Patrick Alloco of All Good Entertainment is seeking 300m dollars from MJ’s estimated 1billion dollars fortune after the King of Pop and his managers bailed out of a concert deal.

Alloco is also pursuing MJ’s ‘This Is It’ show promoters AEG Live and his manager Frank DiLeo, claiming that they breached a 24-million-dollar agreement.

The lawyers for All Good Entertainment have paperwork showing that DiLeo acting for Jacko agreed to a summer 2009 comeback show at the Dallas Cowboys stadium in Texas.

The suit also claims that MJ breached their deal by signing with AEG for his London gigs and committing to money spinning film, DVD and CD deals.

In early June, the firm filed a suit against Michael, AEG Live and Frank Dileo for 40 million dollars over the missed concert, but later amended the claims in a New York federal court, insisting All Good had lost out on the same cash advantages.

Executives at the firm have revealed that Jackson would earn 50m dollars from the one-hour with Pay Per View deals and DVD and CD sales.

His AEG deal over nine months would have banked him a similar fee, reports The News of the World.

The singer demanded that 2million dollars would be given to his mum Katherine before he even took to the stage.

The twenty page document details how Jackson agreed to two concert deals in November.

He was due to headline The Jackson Family Reunion: A Concert for the World - alongside his brothers and sister Janet this summer. (ANI)

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