Michael Jackson is no longer the world's highest earning dead celebrity, according to Forbes.

Actress Elizabeth Taylor has overtaken the star pulling in $210 million (£130m), much of it from the auction of her jewels.

It means Jackson's earnings are now in second place in the annual top earning dead celebrities rich list.

The singer's earnings totalled $145 million (£90m), compared to Liz Taylor's $210 million (£130m).

It is expected Michael Jackson will move back to the top spot.

His estate owns a substantial stake in Sony's ATV catalogue, which includes artists like Taylor Swift, Lady Gaga and The Beatles.

The estate also earns cash from the Cirque du Soleil show The Immortal Tour.

The total amounted to $90 million (£51.8m), outranking Elvis Presley who took in $55 million (£34m).

In addition to the Elizabeth Taylor auction, which totalled $184 million (£114m), the actress also earned $75 million (£46.5m) from sales of her perfume White Diamonds.

She died in 2011 at the age of 79.

Top 10

Other dead celebrities in the top 10 include Elvis Presley in third place, bringing in $55 million (£34m).

Cartoonist Charles Schulz, who created the Peanuts comic strip, came in at number four.

Reggae singer Bob Marley is in fifth position after making $17 million (£11m), while The Beatles' John Lennon is in sixth with $12 million (£7m).

Others in the list are Marilyn Monroe ($10 million £6.2m), Albert Einstein ($10 million £6.2m), Children's book Dr. Seuss creator Theodor Geisel ($9 million, £5.5m) and film star Steve McQueen ($8 million, £4.9m).

Forbes analysed the dead celebrities' earnings between October 2011-2012.