Nearly one million tix were sold, totaling $85 mil

Concert promoter AEG Live will offer full refunds to those who bought tickets to Michael Jackson’s “This Is It” concerts at the O2 Arena in London.

Tickets must have been purchased through an authorized agent. Refunds will include all ticket service charges.

The first in Jackson’s 50-concert series was skedded for July 13. Jackson died at age 50 on Thursday after going into cardiac arrest. He had been vigorously rehearsing for the 50-show stand at the Staples Center the day before his death (Photo Gallery: Michael Jackson’s Last Rehearsal).

AEG said that those who would rather be sent the actual tickets — designed by Jackson — may request them in lieu of a refund.

“Since he loved his fans in life, it is incumbent upon us to treat them with the same reverence and respect after his death,” AEG prexy-CEO Randy Phillips said in announcing the refund policy.

AEG had sold nearly 1 million tickets, with a face value of $85 million. Company was insured for the tour, but the amount of that insurance policy hasn’t been disclosed.

AEG is a division of billionaire Philip Anschutz’s Anschutz Corp.

Photo Gallery: Michael Jackson’s Last Rehearsal

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