Former Nirvana lead singer Kurt Cobain is the highest earning dead celebrity, according to a leading US business website.

Cobain overtook the previous number one, Elvis Presley, who dropped one place to second.

Forbes.com, who conducted the research, said Cobain made $50m in the 12 months to October 2006, compared with Presley's earnings of $42m.

Presley, who died in 1977 at the age of 42, had topped the Forbes.com list for the last four years.

Cobain heads the list this year thanks to his widow Courtney Love, who sold a 25 per cent stake in Nirvana's song catalog to Primary Wave Music Publishing.

"A nail in the casket is hardly the end for some stars," Forbes said in their report.

"Instead, their work, as well as their iconic images, continues to appeal to fans who remember them and to those born long after they died.

"The 13 icons on our sixth annual Top-Earning Dead Celebrities list collectively earned $247m in the last 12 months."

Charles Schulz, creator of the Peanuts cartoon strip, came third with $35m, followed by former Beatle John Lennon in fourth with $24m.

German inventor Albert Einstein, artist Andy Warhol and actress Marilyn Monro all made the top 10.

Author JRR Tolkien, ex-Beatle George Harrison and reggae singer Bob Marley finished just outside the top 10.

Washington-born Cobain committed suicide in April 2004. He was just 27.

The top 10:

1. Kurt Cobain - $50m

2. Elvis Presley - $42m

3. Charles Schulz - $35m

4. John Lennon - $24m

5. Albert Einstein - $20m

6. Andy Warhol - $19m

7. Dr Seuss/Theodor Geisel - $10m

8. Ray Charles - $10m

9. Marilyn Monroe - $8m

10. Johnny Cash - $8m
Source: Forbes.com