Elizabeth Taylor has passed her good friend Michael Jackson and tops Forbes's newly compiled list of the Top Earning Dead Celebrities.

The magazine says Taylor's legacy means good business. She earned $210 million in the last year from a combination of the sale of her jewelry, costumes and collected art -- most notably a Van Gogh that fetched $16 million. Forbes also notes she was one of the first stars to work for a share of a movie's proceeds, instead of drawing a salary.

At number-two, Jackson's heirs gained $145 million. They benefit from his 50 percent stake in the Sony ATV music publishing empire -- with the work of such A-listers as The Beatles, Taylor Swift and Lady Gaga. They also get proceeds from the Cirque Du Soleil touring show The Immortal Tour.

At number-three, but $90 million behind at $55 mill, is Elvis Presley. Peanuts creator Charles Schulz and reggae icon Bob Marley round out the Top 5.