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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.

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263 COMMENTS

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106.

Susan62509    

Per the legal do***ent filed by the MJ Estate yesterday:

“Accordingly, the Executors PROPOSE to distribute $30 million to the Trust, subject to a REFUNDING AGREEMENT should Estate assets not be sufficient to cover the debts, expenses of administration and taxes, and request that this Court authorize them to do so.”
******
So there is a “catch” with the distribution. This leads me to believe that KJ, MJ3 and charities will not be a LUMP SUM to each party. It will be an increase in their allowance. That is the only way to distribute in order to maintain a security back-up for the Estate.

Because the beneficiaries have asked for a distribution does not mean they will get it. The Executors filed the distribution do***ents only in recognition of the beneficiaries requests.

1143 days ago
107.

a.y.harrison    

It never cease to amaze me that if the Jacksons was a white family, we wouldn't be hearing all of these negative comments. I saw a movie on the Osmonds years ago, and Old man Osmond made Joe Jackson look like a saint. So don't give me this crap about the Jacksons,because if they are leeches are whatever you feel you need to call them, who did they get it from. Guess''', you white folks. Nobody wants to talk about how big of a nut Elvis Presley was okay. He took twenty five pills a day. He was so crazy that he shot up a television in Las Vegas, because he couldn't stand to see Tom Jones on television. There is a mental illness diagnosis for this type of behavior. So stop bashing the Jacksons, and don't hate the player hate the game.

1143 days ago
108.

What I Think    

I wonder if Prince is trying to look like his "father" with those shades on or just trying to hide his eyes as he follows in his drug addicted footsteps.

1143 days ago
109.

Eleonora49    

Little child had no dream, little child so alone layed in Bed. Teardrops.Teardrops falling into his pillow. Can't sleep. People hurt him with insult and pain. Old Man. Old Man so alone sitting in his living room reminiscing with a smile once Happy Times so long.Looking out from his window Frame seeing shadows from a nicer past. College student so real and smart. High hopes once he graduates to reach for the stars all washed away down the path can't find a job. Working now as a busser at a resturant. Was it all for NOTHING?? WAS it all a Dream?? Times will change. Times will begin new. But what a Pain. Little lady with an Basket walking all alone. Husband found a better one. Is all Okay? Is it all a Dream? Better days will come so we all are just trotting along a rocky road of hope. Trying to keep a smile. Doors close others open. Never loose hope. Trying to keep a smile. Trotting along never loosing hope. (We are all in the same Boat. Times are hard and not easy. We need to show love and compassion to all. Reach out to your neighbors if they are in need or old. Never as an adult lower yourself to hurt or insult a child. It is still Child ABUSE even if you do it on a Website like TMZ. You might feel you have a right but it is still all so wrong !!!!)

1143 days ago
110.

Eleonora49    

Shame on you Ohwell!I never saw anyone more hateful and heart less like you !!!

1143 days ago
111.
112.
113.

FlowerPower    

1143 days ago
114.

HumanNature    

Lawyers In Jackson Case To Meet With Judge
Dr. Conrad Murray Trial Set For Sept. 27


LOS ANGELES (CNN) -- The judge in the involuntary manslaughter trial of Michael Jackson's last doctor will meet with lawyers Thursday to clear up any last issues before the final phase of jury selection starts next week.

Dr. Conrad Murray's defense lawyers and the prosecutors are busy this week studying what 145 potential jurors wrote on a 30-page questionnaire designed to help them chose the jury that will hear the case.

The process is designed to find 18 Los Angeles County residents qualified to sit in judgment of Murray.

The questionnaire, about 30 pages long, is being used to determine if the potential jurors can put aside biases and what they've heard about the pop star's death to reach a fair verdict. Lawyers will question them about their answers when they return to court September 23.

Murray defense lawyer Ed Chernoff and his team will study answers to the jury questionnaire to determine which potential jurors have already made up their minds about Murray's guilt. They did this once before, but the trial was delayed over the summer.

"One of the things that we learned in the case the last go-around in the jury selection, it's absolutely shocking how many jurors think already they know everything about this case," Chernoff said.

Last week, Murray's defense team failed to convince Judge Michael Pastor, as well as an appeals court, to shelter jurors from trial media coverage by keeping them sequestered in a hotel for the duration of the trial, expected to last about a month.

The Los Angeles coroner has ruled that the singer's death on June 25, 2009, was caused by an overdose of the surgical anesthetic propofol, combined with other drugs.

Prosecutors have accused Murray, who served as Jackson's personal and full-time physician at the time, of having a role in the overdose.

They contend that Murray used a makeshift IV drip to administer propofol intended to help Jackson sleep, a practice they argue violated the standard of care and led to the pop icon's death.

If convicted on the involuntary manslaughter charge, Murray could face up to four years in prison.

Opening statements for the trial, which will be televised, are scheduled for September 27. The judge told the jury pool he expects their service will be over on or about October 28.


http://www.turnto23.com/entertainment/29189954/detail.html

1143 days ago
115.

anna    

enough of the jealously and hating it's getting u no where, have u people go back and read the comment u post? it's a shame, some of them makes me sick just remember no matter what u say about Michael's mother and kids nothing is going to change they will still get what belong to them because thats the way Michael wanted it, like it or not.Michael was'nt born rich he work very hard and whether his kids are black or white they are his kids and that wont change either he loved them very much and they love him too, and let's not forget that Michael have been donating to charity all his life and still is.
God bless u Michael LOVE U FOREVER.

1143 days ago
116.

HumanNature    

"One of the things that we learned in the case the last go-around in the jury selection, it's absolutely shocking how many jurors think already they know everything about this case," Chernoff said.


THE PUBLIC IS NOT STUPID!!!!


WE KNOW WHAT CON "QUACK" THE MURDERER DID WAS PLAIN WRONG!!!!

1142 days ago
117.

check yourself    

jermjackson5 Jermaine Jackson
We have no idea who or what lies behind the initial report on AP. All we know is that Mother will not be selling Hayvenhurst #sacrosanct
6 hours ago
Jermaine Jackson
jermjackson5 Jermaine Jackson
RE HAYVENHURST: Mother has NOT expressed a wish for it to be sold. It won't be sold. She had no idea about such a thing. It's a false report
6 hours ago

____________________________________________


TOTALLY anybody's guess, considering Jerm is considerably a less then a reliable source of info himself, SAME as TMZ....

For those that blast "Get a job, Jermaine et al J CLAN".... what part of blazing new trails of epic levels of pathetic each and every day these J CLAN and TMZ ppl roll outta bed any given morning... CHA CHING... exploitation, spinning media, media spinning, books, belts, sham tributes, PPB pimped out... that IS their CHOSEN PROFESSIONS..."WORKING" around the clock!... which produces as a collective even, a very lucrative income.

WTF part about that don't you GET?? Dayum!

1142 days ago
118.

sofi    

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.

Michael couldn't have chosen better people as executors of his estate,they also give katherine what she wants.

1142 days ago
119.
120.

Pegasus    

Jermaine Jackson will be on the Joy Behar show tonight to discuss his brother Michael and Dr. Conrad Murray. Joy Behar airs at 10 pm on HLN.

1142 days ago
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