The estate of the late Michael Jackson has distributed a total of $30 million to his mother, kids and various charities, according to court papers. Jackson passed away about two years ago and was in deep debt. However, his estate has generated nearly $310 million in the time since his passing.
In addition to funding the trust, the Executors are asking the court’s permission to sell the longtime family home on Hayvenhurst Avenue in Encino, California.
Executors also disclosed Tuesday that Jackson’s mother, Katherine, is putting the family’s fabled Encino compound up for sale and wants the executors to negotiate the purchase of a new residence for her and the children, Paris, Prince and Michael Joseph Jr., known as Blanket.
Jackson’s last will was filed by attorney John Branca at the Los Angeles County courthouse on July 1, 2009. Signed July 7, 2002, it names Branca and accountant John McClain as executors; they were confirmed as such by a Los Angeles judge on July 6, 2009. All assets are given to the Michael Jackson Family Trust, the details of which have not been made public.
In 2007, Jackson had a net worth of $236.6 million: $567.6 million in assets, which included Neverland Ranch and his 50% share of Sony/ATV Music Publishing’ catalogue, and debts of $331 million.
The guardianship of his three children is given to his mother, Katherine, or if she is unable or unwilling, to singer Diana Ross. The will states that Jackson’s former wife Debbie Rowe was omitted intentionally. Jackson’s will put 20% of his fortune aside to unspecified charities.
Notably, they said they financed and secured the estate’s interest in the Michael Jackson music catalog, Mijac, and the Sony/ATV publishing catalog, which includes portions of the Beatles catalog.
The executer’s said with the help of sales from the concert film “This Is It,” they reduced the estate’s debt by more than $90 million. In addition, they successfully negotiated lower interest rates on left-over loans. As well, they paid of some creditors making claims to money owed and outstanding income taxes.