Epic Records will release Michael, the label's first posthumous Michael Jackson album, on December 14. The news was announced today on the Sony Music website MichaelJackson.com, where a new single, "Breaking News," will precede the album's release with a limited-time stream for one week beginning Nov. 8. And tomorrow, the site will showcase an exclusive teaser for the album.

Michael's cover art was created by painter Kadir Nelson and features the King of Pop surrounded by images highlighting his vast accomplishments -- from his participation in USA for Africa and Captain EO to "Beat It" and Dangerous.

The announcement follows a TMZ report earlier this week that calls into question the authenticity of Epic's upcoming material by the late superstar. Jackson's children have reportedly voiced their opinion that the tracks are not the work of their father.

Representatives from the Estate of Michael Jackson, which is jointly releasing Michael with Epic, countered the accusations with a statement that the sound experts the estate called in have confirmed the vocals to be from Jackson.

Michael Jackson sits at the top of the pile in the highest earning deceased celebrity stakes, raking in more money over the past year than Elvis Presley and John Lennon.

The King of Pop, who died in June last year pulled in an incredible $275 million (Ł183 million) over the last 12 months thanks to a powerful back catalogue that contains such potent albums as Thriller, BAD and Dangerous as well as strong merchandizing deals.

His concert film This Is It, which documented preparations for his ill-fated London stage residency, also made $250 million (Ł167 million) at the box office. His death on June 25, 2009 shocked fans and non-fans alike.

His life towards the end became somewhat controversial after allegations of child abuse led to extortionate court cases which seriously depleted his financial assets, even cleaning him out according to some reports.

Many tributes were paid to Jackson after his death, including some touching and heartfelt words from Paul McCartney who said, "I feel privileged to have hung out and worked with Michael. He was a massively talented boy-man with a gentle soul.

"His music will be remembered forever and my memories of our time together will be happy ones. I send my deepest sympathy to his mother and the whole family, and to his countless fans all around the world."

Jackson's earnings eclipsed the total combined earnings of the 12 other dead stars on Forbes magazine's list, including Elvis Presley, J.R.R. Tolkien (Lord Of The Rings author), Charles M Schulz (creator of Peanuts) and Beatles legend Lennon, who occupied the top five respectively.

Michael Jackson's Neverland Ranch could become a memorial park for the King of Pop.

The late 'Bad' hitmaker - who died of acute Propofol intoxication in June 2009 - hadn't lived at the address since he was cleared of child molestation charges in 2005, and handed over the estate to Colony Capital LLC, a private equity firm, amid financial worries in 2008.

But now, state assembly member Mike Davis has revealed he proposes to apply to the California State Senate for backing to turn the disused site into a Michael Jackson-style Graceland.

Owned partly by the Jackson estate, Neverland currently lies dormant, a far cry from its heyday when the singer wrote many of his greatest hits at the site - complete with zoo and Ferris wheel - and entertained hundreds of children with parties.

However, Mr. Davis suggested as California's budget deficit currently stands at $19 billion, it would be difficult for the State Parks Department to purchase the property alone, and therefore proposes a public-private partnership to put the plan into action.