TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

Michael Jackson Estate

Katherine and MJ's Kids to

Score $30 Million

9/13/2011 4:49 PM PDT BY TMZ STAFF

0913_jacksons_kids_getty_EX_2
A huge development in the Michael Jackson Estate case.  The Executors have done so well making money for the Estate since Jackson died, they want to fund the Michael Jackson Trust to the tune of $30 million for the benefit of Katherine Jackson and Michael's 3 kids.

TMZ has obtained court documents in which co-Executors John Branca and John McClain are asking the court's permission to fund the trust.  According to the docs, the Estate generated more than $310 million in gross revenues as of December 31, 2010 -- that's the latest accounting.

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, CA.  According to the docs, Katherine wants to sell the house and, although no price is mentioned, the property was valued at $4,150,000 when Michael died.

The docs say Katherine wants the Estate to purchase another home and she's eying several properties, but we're told the home she really wants is the Calabasas house in which she and the kids are currently living.

0728_remembering_michael_jackson_footer_v2

263 COMMENTS

No Avatar
151.

Cherwood    

A Place of YES - Pt.3....
-MJMedia, you have a good point, and while I don't consider myself a Branca fan, I do recognize the fact that he has done more than expected in upholding Michael's legacy and making the Estate a solvent, thriving CORPORATION--something I KNOW Michael would've been proud of....
As for being involved in his Murder, I have looked into that in the past and couldn't find where it would make sense. There have been NUMEROUS times when Branca was in a position to cheat Michael out of the ATV before and after his death, but he never did. Tom Barrack/Colony Capital even attempted to get it ONE WEEK after Michael died, but Branca refused to sell--a transaction which would've made him and the Estate set for more than a lifetime. And with his many contacts in Sony, he hasn't tried to cut them a deal for the ATV, either so there goes the Sony/Branca theory....
Thing is, we KNOW Barrack, Sony, and AEG/Randy Phillips (by using the ATV as one of Michael's assets that were in jeopardy if he had not fulfilled his contract with them) were set on getting their hands on his portion of the Sony/ATV, but there's nothing to support the theory that Branca did. What people need to realize is that Branca is in essence right where he wants to be--at the top o*****rowing Empire with major POWER in the Music/Entertainment Industry. He would be the FOOL of the world to ever give any of it away......
Bottom line, there are several people who have MOTIVE that can be easily backed up regarding their part in Michael's murder. The family has a tendency to mouth off about what they CLAIM to know, but I really think they're just sending up smoke signals to see what they can get out of it in publicity. Ask yourself this question: if a member of YOUR family or a loved one had died in the same manner as Michael did, would you be content to simply run to every news outlet and tabloid based on some 2-bit book you've written pointing fingers, but REFUSING TO NAME NAMES? That alone speaks VOLUMES, imo.....
The family knows no more than any of us do. They're only going on the same things we've seen and heard. The difference is, many of us have done research and have NOTHING to GAIN from exposing Michael's murderers. If I knew there was even ONE Jackson that wasn't in it for the money, MAYBE I'd CONSIDER what they had to say, but alas....Oye.
BTW: I agree that there are many unsolved murders connected to Michael's death, but many of those people such as Frank DiLeo, Chandler, and Klein hve closer connections to TOHME and his cronies....THAT'S where you want to focus your RESEARCH.....
-Meanie, when and IF Michael's children--especially PRINCE writes a book (based on the last 12 years,) that's probably the ONLY ONE I'd be interested in reading, because IMO it's the only one of the books on this subject that I'd consider TRUTHFUL....
.............SIZZLING.......................

1028 days ago
152.

Kathysprings    

I'd buy a book by Grace Rwaramba the nanny.

right away !

1028 days ago
153.

Chico    

@KathySprings Uh, Branca isn't charging the fee for the Cirque shows, CIRQUE IS. The upper deck of the LA shows are going for $80, so you're quoting the more expensive tickets. It's always up to the individual what they are going to do, but after reading the fan reviews, Cirque will be the ultimate tribute to MJ. I think most will cry with joy and sadness over Cirque. You can BUMP THAT, whatever the F that means.

For the person who asked about the MJTF: the court docs say that Katherine along with the CA State Attorney General have been pushing the Estate to fund the trust. However, there are stipulations on the trust. First, if the Estate is in need of the funds, they are able to access them. Second, the trust is being funded so that the executors can pay Katherine and MJ3's allowance from the INTEREST DRAWN ON THE TRUST. Therefore, the estate is no longer really funding Katherine/MJ3, the trust fund is, which saves $ that the Estate can then use to pay off debt. Also remember that the Cirque shows, the start up cost is split 50/50 between the Estate and Cirque, and that's no small amount.

Court docs also say that MIJAC loan has been paid down from $75 mil down to $25 mil and I believe that will be paid off at the end of this year. This means that ALL the revenue from MIJAC will go directly to the Estate, with the exception of a limited publishing right to Sony which ends in the near future.

1028 days ago
154.

TSIG    

It's not time for me to come back yet but in a moment of weakness I checked to see what was happening with LaToya's "Money Forever Tribute" and was SHOCKED to learn that Jamie Foxx is going to be the HOST!!! I had to stop by TMZ to leave a quick post. I posted this elsewhere, but I want to make sure that ANYONE even THINKING about buying tickets to this "tribute" concert is aware of this. Don't know if you guys have been chatting about it, but here it is again:


This is yet ANOTHER MFT concert fiasco on a par with the KISS debacle. Jamie Foxx is a disgusting hypocrite. Go on YouTube and search for "Jamie Foxx on Michael Jackson." He MOCKS Michael Jackson -- like so many other comedians at the time -- talking about him being unrecognizable because "he tore up his face so much," and mocking his dance moves. It was shameful and disgusting.

And LaToya and her Global Live Events posse pick THIS GUY to host the Money Forever Tribute??? This must be a really sick joke by LaToya to first choose KISS to perform, when Gene Simmons called MJ a child molester (and still does), and then to choose Jamie Foxx, who publicly bullied and mocked MJ, to host her "tribute." This cannot be an accident. TWO people who tried to destroy Michael's reputation being invited to this "tribute"? No way. That bitch hates her brother.

1027 days ago
155.

TSIG    

And one other thing. I said it before, and I'll say it again. This LaToya/Global Lies "Money Forever Tribute" concert is just a loss leader for the Jacksons and GLE. The REAL money will be made with the sale of the broadcast rights to over 30 countries, the movie of the concert they have already stated they intend to make, the CD and DVD sales, and undoubtedly merchandise. Therefore, they will fill those seats any way they can, because all they need for their money-making scheme is to have a full audience to record. Once the stadium is filled with people (even if they're homeless people dragged off the streets) they can broadcast and record a packed house for their broadcast and their movie.

My prophecy has come true. I read elsewhere that they're now selling tickets on a "Buy One Get One Free" basis (very classy -- reminds me of the "AS SEEN ON TV" marketing done on the Jackson Secret Vault site), and they're telling fans to "stay tuned" for "ticket GIVEAWAYS."

They can't sell their overpriced tickets, so now they've gone to BOGO tickets, and soon they will simply GIVE them away to fill that stadium. ANYTHING to get the bodies in there so they can film a full house.

What a "tribute" to Michael. Thanks, LaToya. You are quite the businesswoman.

1027 days ago
156.

yvonne from uk    

I've never been a fan of Latoya but i have been really trying to give this family the benefit of the doubt(i'm tired of hearing myself say that now)but time and time again they have made stupid and unimaginable errors of judgement. I wasn't aware of the actions and comments from Jamie Foxx but you would think after the Gene Simmons **** up they would at least look into the background of anyone they now invite to this big farce. Hope this is a shambles but then again as TSIG said they'll just drag anyone off the streets to fill seats, this disgusts me , and it is an insult to Michael and all his fans, Michael mdeserves better and so do we!!!!!

1027 days ago
157.

TSIG    

Like an alcoholic who has fallen off the wagon, I've gone on an MJ binge and have done more research.

Although the BOGO ticket offer was posted on their official Facebook concert page (I saw it), it is now gone and GLE claims (after fan outrage) that it was all a big mistake. They said TicketMaster had offered them that option, but they never accepted and approved it, and somehow the offer made it's way to "a public page." (This is just one more "mistake" among the many, many others...)

But they still plan to give away tickets in "competitions." And I guess if that doesn't work, the final step will be to actually pay people to attend so they can fill the stadium with the needed bodies.

Yvonne from UK, in regard to Jamie Foxx, he not only mocked MJ in the way I described (which I saw myself), but he also (according to another poster) said and did some other nasty things. I believe someone said that at the BET awards when he dressed as MJ he made a comment that people "should watch their children" because MJ was about to make an appearance, and then during the "Beat It" song "MJ" was stabbed.

The official LaToya/GLE response to fan outrage over Jamie Foxx as host was (I am paraphrasing) that a lot of comedians joked about Michael but that didn't mean they didn't admire and respect him. What a crock! We all know the difference between a good-natured joke and bullying/mocking, and Jamie Foxx crossed that line numerous times to get a laugh at MJ's expense. It is unforgivable, even though after he died Foxx was full of wonderful things to say about him. Just like Martin Bashir is now calling Jackson "one of the greatest singing stars who ever lived." GAAAAAAAAG!!!!! Someone get me an emesis basin, QUICK!!!

By their response to the fan community about Jamie Foxx as host, LaToya/GLE are giving two fingers up to the fans -- they don't care about MJ or WHAT his fans think. Yet they want our money...

It's all for M.O.N.E.Y......

1027 days ago
158.

TSIG    

One final thing -- I knew I was forgetting something...

Jamie Foxx also compared MJ to a white woman...

...and they invited this guy to HOST a "tribute" to MJ.

Unbelievable.

1027 days ago
159.

Eleonora49    

I was wondering about all of that. To me, it's Tasteless. Michael deserves a lot better ! ALSO, EVERYTHING SEEMS TO BE DONE OVERSEAS! I was wondeing about that so much too! Why what reason for that?!

1027 days ago
160.

Eleonora49    

How beautiful Pittsburgh is specially now in Fall.The colors of the trees are changing like a colored rainbow to red and gold.All my neighbors have fall flowers next to their front door and pumpkins. So I went to a local Farm today and got 3 Pumpkins and little children were there climbing on the pumpkins, having Fun. Pretty soon we have a yearly hay ride here and I will take my little grandchildren like every year, Pittsburgh is soooo beautiful even when its Rains. Home to home you can smell pumpkin pie.Its getting cold and next month is hallowreen. I can't wait to see the children so happy and exited.How Nice it is in Pittsburgh. We are so blessed by God each day.

1027 days ago
161.

TSIG    

Okay, now I get it. Now this makes perfect sense. Global Lies couldn't get a single other person willing to host this sham charity "tribute" concert. No one was willing to touch it with a ten-foot pole. THAT is why they had to resort to this offensive, racist, back-stabbing, no-talent (with the singular exception of that Ray Charles movie), repulsive character.

And I am glad. Because if this "tribute" ever takes place, Jamie Foxx will be an unmitigated disaster, and his presence almost certainly guarantees that everyone will be talking about this "tribute" for years to come -- but for all the wrong reasons. He will manage to embarrass all involved and offend legions of MJ fans everywhere.

Way to go, Global Lies. An excellent choice for your bogus charity "tribute." You have selected yet another nail for your coffin.

1027 days ago
162.

Eleonora49    

Looks to me every thing is rush rush rush, no quality just quantity. No real love here going on, no perfection to me. It looks like a big Barbeque event, nothing style or class which is what Michael was all about in life and living.

1027 days ago
163.

Eleonora49    

To me, in my opinon, Reebie,jermaine,la toya,Randy,Janet and so on should of been involved.To a great round up Tibute to Michael, the Man and father to his childeren.I kinda felt sad. What a mess it looks like, but perhaps I am wrong about it ???

1027 days ago
164.
165.

Eleonora49    

Phantom Thank you soooo !!!!!!!!!!!

1027 days ago
Previous 15 Comments | 7 | 8 | 9 | 10 | 11 | 12 | 13 | Most Recent | Next 15 Comments

Around The Web