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New Jackson Docs -- Millions Recovered

7/24/2009 6:50 PM PDT BY TMZ STAFF

Michael JacksonWe've now obtained documents filed yesterday in the Michael Jackson probate case.

The Special Administrators have recovered $5.5 million in cash from a former financial advisor. The documents do not name the advisor.

In the documents, the administrators predict Jackson has enough cash to pay off his estimated $400 million in debts -- and still have money left over for his heirs.

The docs also say Jackson's children are the beneficiaries of an insurance trust established by Michael Jackson. The proceeds have not yet been collected, which explains why lawyers for Katherine Jackson have asked for a temporary allowance.

The Special Administrators expect to generate tens of millions of dollars of revenue from various business deals that are now in the works.



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441 COMMENTS

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1.

tanya    

First?

1831 days ago
2.

CALI girl!    

whoa,, more mulasss geezzz....

www.twitter.com/cer019 follow me

1831 days ago
3.

Paparazzo@frog.cc    

MJ is making more money dead than alive.

1831 days ago
4.

Pavane    

Get 'em Branca!

1831 days ago
5.

tired    

who cares if your first

1831 days ago
6.

weii    

Can Michael sue Dr Murry for malpractice?

1831 days ago
7.

Chico    

Good. Now give it to the kids, so Katherine can have more than her SS benefits. Whether you like her or not, Michael wanted her to take the kids, which means he entrusted her with a whole lot of money.

1831 days ago
8.

Glendetta    

Why would the financial advisor have that much cash from MJ? What was he holding it for? Did MJ think someone would try and murder him? Also, do all ambulances in LA County have dark tinted windows like the one that left MJ's house? RIP, Michael Jackson.

1831 days ago
9.

Paparazzo@frog.cc    

Once they move the Nverland Ranch to Vegas, it will generate more money than Graceland times 10!

1831 days ago
10.

raLU    

Michael thought of everything, he was a smart boy, just wait and see, he will still amaze you even though he's not here.

1831 days ago
11.

entremedieu    

My angel......if not this money you will be still alive.

1831 days ago
12.

iknowiwasthere    

UMPH!!!!!!!!!!!!!! is the same "FINANCIAL ADVISOR" that decided to get 10 minutes of fame on GMA a couple of weeks ago AND I noticed this brotha's last name was ROWE. Do not remember the first name.

I bet a lot people who are involved are perhaps getting their AFFAIRS in order before they get the KNOCK at the front,side or back doors!!!!! OMG!!

1831 days ago
13.

DangerBaby    

Well, we know Lee and Tohme were both former financial advisors. I thought MJ owed Lee money though (he lost that suit for $12 million). MJ is just about the hottest property in the world right now. No one's talking about anything else. This is as it should be. Everyone is recognizing that he was one hard-working talented entertainer/singer, and the hacks that are raking in the big paychecks today are a joke by comparison. About time.

1831 days ago
14.

Camilla    

Now it's all about money....
I wanna see how it ends....

1831 days ago
15.

Lori    

Generally an "insurance trust" is used for the specific purpose of paying the inheritance tax to the IRS. MJ's estate is going to be worth big bucks and the IRS will get a big cut. That is what the insurance trust is for so the kids (beneficiaries of the will) won't have to figure out a way to come up with the funds to pay the IRS themselves. It is smart estate planning practice.

1831 days ago
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