Michael Jackson died heavily in debt, however since his passing the Jackson estate has generated more than $310 million in revenue, enough to pay off many of some of the estate’s debtors while handing over $30 million to Jackson’s mother Katherine and his children.
In documents filed on Tuesday it was also revealed that Katherine Jackson has asked that the family’s Encino compound be put up for sale, while requesting that estate executors negotiate the purchase for one of several personally chosen residences for Katherine, Paris, Prince and Michael Joseph Jr. (Blanket).
The Encino home was appraised in 2010 at $4.15 million and was recently renovated to push up the price of the home. In the meantime Katherine and the children have been leasing a Calabasas home for nearly $10 million.
In even better news for the Jackson estate , his team of financial and legal experts were able to refinance and secure the estate’s continued interest in the Michael Jackson music catalog (Mijac) and the Sony/ATV publishing catalog which includes a large chuck of the rights to songs recorded by the Beatles.
While not all loans have been paid off, executors say they have paid more than $90 million in debt and have refinanced various other loans at lower interest rates.
In the meantime the $30 million was just a preliminary payment and more cash flow is expected in the future as the court system and creditors attempt to work out details about the estate’s earnings and money owed.
Do you think the Michael Jackson estate should be paying out money to his family and children when millions of dollars are still owed to creditors?
