There has only ever been one king when it comes to dead celebrities raking in the cash.

But Elvis Presley has been knocked off the top spot of deceased high-rollers by Nirvana frontman Kurt Cobain.

The prince of grunge, who shot himself dead in 1994 at the age of 27, still managed to bank more than £26million last year.

Cobain continues to make money from royalties on records such as Nevermind and licensing deals, said US business website Forbes.com.

The rock star's debut at the top of the list is largely because his widow Courtney Love sold a 25 per cent stake in his song catalogue last year.

Following the deal, his music is set to feature much more on TV, in films and possibly advertising campaigns.

That may not fit in with Cobain's famed anti-commercialist beliefs but Love's manager Peter Asher said it was about spreading his music to a new generation of fans worldwide.

Presley has held the top spot for the past four years but between 2005 and 2006 he made only £22million.

While he may have lost pole position, that did not stop US company CKX paying £53million for an 85 per cent share in his estate last year.

Cobain and Presley could be rivalled by John Lennon (No.4) for top spot in future. Lennon's widow Yoko Ono is suing record label EMI Group for unpaid royalties

Forbes said: 'A nail in the casket is hardly the end for some stars. Instead, their work continues to appeal to fans who remember them, and to those born long after they died.'

THE TOP TEN EARNERS

1. Kurt Cobain 50 million dollars (£26.3m)

2. Elvis Presley 42 million dollars (£22.1m)

3. Charles Schulz 35 million dollars (£18.4m)

4. John Lennon 24 million dollars (£12.6m)

5. Albert Einstein 20 million dollars (£10.5m)

6. Andy Warhol 19 million dollars (£10m)

7. Dr Seuss/Theodor Geisel 10 million dollars (£5.3m)

8. Ray Charles 10 million dollars (£5.3m)

9. Marilyn Monroe 8 million dollars (£4.2m)

10. Johnny Cash 8 million dollars (£4.2m)