London - AEG Live, organizers of Michael Jackson's much-hyped 50-show comeback UK tour named "This is It," which was scheduled to kick off on July 13, announced, Tuesday, that it will issue full refunds, including all ticket service charges to the 750,000 fans, who bought tickets for the late pop star's July shows.

Jackson's 50-date residency at London's O2 Arena was seen as an effort to rehabilitate his public image and bolster his tottering finances and when the tickets went up for sale in March, it was sold out within minutes as an estimated 750,000 people had paid $75-120 to watch the star perform.

Now with the pop icon dead and gone, AEG Live has found itself in a financial mess and will have to refund at least $85 million to the upset and angry fans.

However, the full reimbursement would be made only against those tickets purchased through "authorized agents," AEG Live said in an announcement.

The buyers also have the option to retaining the specially designed tickets that feature graphics "inspired and designed" by the music legend, as souvenirs instead of a full refund.

Printed with a "special lenticular process," a kind of 3-D image that changes or moves when viewed from different angles, the tickets were "inspired and designed" by Jackson, AEG Live said, adding that it will not be printing any further tickets as collectibles.

The promoters of Jackson's comeback concerts said the refund offer will remain valid till August 14 and those seeking refunds should apply through www.MichaelJacksonLive.com.

While Billboard website's Ray Waddell said that the process will be "messy, as well as expensive, and it will need to happen quickly by law," Gary Bongiovanni, editor of concert-tracking publication Pollstar said that AEG Live will take a "huge hit."

Other sellers, including eBay and PayPal, have also pledged to fully refund to fans who bought tickets to the O2 concerts through their website.

EBay also said it will return sales commission to sellers.

However, everyone is betting that most of Michael Jackson's fans would prefer keeping the ticket as a souvenir rather than apply for a refund as they are likely to be worth much more than their face value in years to come in previous cases. After the deaths of other major stars, including Elvis Presley, in 1977, and Kurt Cobain in 1994, around half of outstanding concert tickets were never returned for refund, according to people in the concert business, because fans preferred to keep them as souvenirs.