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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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121.

mj fan forever    

UPDATE: The Estate actually owns the Jackson compound on Havenhurst. Katherine's lawyer, Perry Sanders, tells TMZ ... Katherine has the option to purchase the property and put it in her name if she wants. She hasn't decided, however, whether she'll exercise that option.
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LET'S FIGURE IF GREEDY-UNNATURAL MOTHER KATHERINE SPENDS MONEY!!! SURE, IF THE ESTATE PURCHASES THE HOUSE FOR HER SHE WILL BE HAPPY TO GRAB THAT TOO GREEDY AS SHE IS!!! THAT'S WHY SHE HASN'T DECIDED YET BUT FOR NOW SHE PRETENDS THE ESTATE PURCHASES HER A NOW HOUSE TO ALLOW HER TO LIVE EVER MORE IN THE LUXURY AFTER THEY PAID THE RENOVATIONS ALSO!!! THOSE CHILDREN ARE JUST HER OPPORTUNITY TO GET MORE MONEY BESIDES BEING HER NEW CASH COWS!!! THE ESTATE IS DOING AN EXCELLENT JOB AND IS EVEN SATISFYING HER WHIMS DICTATED BY HER ENORMOUS GREED!!! SHE REALLY IS A BOTTOMLESS PIT WHEN IT COMES TO MONEY - WITHOUT SHAME!!!

1080 days ago
122.

check yourself    

Shout out...

Newest article right here, ON TMZ; however, listed ONLY under Conrad Murray and "Celebrity Justice":
Conrad Murray Trial Key Witness Has VANISHED Whats up with NOT having posted this article right here under MJ. Damn, have to do it for them... along side posting Jerm's twitter as to KJ selling Havenhurst being a lie (who knows, but anyway) earlier today myself LONG BEFORE... suddenly ... TMZ "Update". That's why AS USUAL NO DOCS attached to article. FIRST CLUE that THEY are more BS then not when that happens. Consh*t Murray is now TMZ "Celebrity Justice" ... "status"... apparently. P-a-t-h-e-t-i-c.

Next.

1080 days ago
123.

Siggisis    

Saw that, check yourself. He KILLED a celebrity, he ain´t one himself. This is BS.
About that article. Who paid the pharmacist off? If he doesn´t re-surface, it is another indicator that Michael was MURDERED.

1080 days ago
124.

susie    

http://twitpic.com/6kvcjl

1080 days ago
125.

mymjj5.    

JB: "He keeps it profitable"!!!!

LOL!!!!

1080 days ago
126.

mymjj5.    

$30 million out of $310 million is not 40%.........keep your shirts on.......I know JB has to pay other expenses.....namely is own.......LOL!!!!


Good to know!!!!

Movin on......movin on....

1080 days ago
127.

Susan62509    

Read the legal papers on Eonline to get the truthful story:

Katherine, MJ3’s lawyer and Calif. Attorney General (he will audit the charities) have asked the MJ ‘s Estate for money. The Executors acknowledged their requests by filing papers with the court asking to release $30 million to be distributed to the beneficiaries (KJ, MJ3, charities).

$30 million hasn’t been given to anyone yet. On Sept. 28, the judge will make a decision if he will grant the request to release Estate monies for distribution. The $30 million will have a refunding agreement attached to it. That means should the Estate assets not be sufficient to cover debts, expenses of administration and taxes, part of the $30 million would have to be returned to the Estate.

This would mean no lump sum distribution would be made. In other words Katherine will not be handed $12 million dollars to spent. The $30 million would go into each beneficaries trust account and all the KJ and MJ3 will have is an increased allowance. That is the only way to distribute $30 million 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.

Remember the Executors do not get paid by the Estate. The Executor’s waived their rights to collect money from the Estate for doing their job. The Executors each receive 5% of MJ’s companies i.e., Mjjac.

Also the $310 million is GROSS, not net money. Gross is money before the bills are paid. Net money is what is left after the bills are paid which is a lower amount.

1080 days ago
128.

Cherwood    

A place of YES.....
Leave it to TMZ to turn a positive into a NEGATIVE. They obviously come from a place of NO, much like many of the posters here. All this story is saying is that the Estate is now in a position to actually FUND the MJFT which means the MAJORITY of the LEGIT claims have obviously been settled....THANK GOD we can now quit hearing about the so-called debt, and move on to celebrating all of the money the Estate has made since taking form.....
And for all of you out there who CRY for the Katherine, and how "little" she's getting compared to the Executors, here's something for you to chew on besides your CORNSTALKS:
-Katherine has been receiving over $35,000 PER MONTH, which does NOT include any of her bills, household or otherwise--this money was FREE and CLEAR for her to do what she wanted with. The Estate paid for everything INCLUDING her assistants, driver, and Household staff. And let's not even mention the $66,000 per month she's entrusted to handle for PPB. Two guesses where all of THAT money goes every month....
Someone NAILED it totally when they said this is the Executors trying one last ditch effort to get Katherine and Co. to stop and think for even ONE MINUTE about what they're doing to Michael's legacy every time they sign on for the latest CON Merchandise Gimmick, FAKE Charity, or BOGUS Tribute designed SOLELY to line their pockets....
Here's the thing, nobody has a problem with them receiving benefits from the death of their loved one--it's a given, the problem is all they seem concerned about ever since Michael died is how quickly they can get their hands on his MONEY!!
Sure, LaToya and Jermy are out there CLAIMING someone killed him...and OF COURSE, they KNOW exactly who was involved in it with Murray, but somehow they can never bring themselves to betray the very person who took their brother away from them. Makes you wonder if they ever really cared about him in the first place.....
-For the record the 5% the Executors share is COMMON PRACTICE, folks. They asked for and received an additional 5% of any NEW BUSINESS they bring into the Estate as an incentive. In other words, they do NOT make any profit from the Sony/ATV, MiJAC, or Neverland. At first I did have a problem with the fact that they made this request so soon after he died, but now that I see that they've turned the Estate into a HIGHLY profitable business and will only take on projects such as Cirque's "Immortal Tour", which work to build Michael's already strong legacy, I am EXTREMELY grateful and can rest knowing that no other Estate can rival Michael's...Elvis has a REAL reason to be singing the blues, now......
.................SIMMERING....................

1080 days ago
129.

terrapintexan    

I think being around teenage youth is good for seniors. Those kids just might give Ms. Jackson 15 more good years. Since they're not biologically related and don't have the weird Jackson gene, the kids just might grow up to be normal.

1080 days ago
130.

janicebyrne    

I've always had a good opinion of Branca and McClain. Well done to them. Sad though that Katherine has decided to sell Hayvenhurst. Isn't it up to the three children to decide when they are grown up? Also, if a bigger house is bought then that just means that more leeches and parasites can
move in. If they move to a new house then it must be ONLY for Katherine, Prince, Paris and Blanket not for the millions of other greedy freeloading Jacksons. Too many people STILL wanting to live off Michael.

1080 days ago
131.

JEAN    

GOOD BUT IT WONT BRING M,J. BACK THE MONEY WILL BE GOOD FOR THE FAMILY AND MY HEART GOES OUT TO THE JACKSON,S WITH LOVE.GOD BLESS M,J HE WOULD BE PROUD.

1079 days ago
132.

Brigha from UK    

janicebyrne: ....If they move to a new house then it must be ONLY for Katherine, Prince, Paris and Blanket not for the millions of other greedy freeloading Jacksons....
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When MJ left his mother 40% of his money, he did not stipulate that she had to distance herself from all the family in order to inherit.
Nor did he make it a condition that she must look after the kids in order to inherit.
Katherine could have given the kids to a guardian, kept the family as it was, and still have been entitled to her 40%.
She is in her 80s and NEEDS to have her family around her. At that age, no amount of money can be a substitute for family.

1079 days ago
133.

Marie    

Susan62509: 19 hours ago
Also the $310 million is GROSS, not net money. Gross is money before the bills are paid. Net money is what is left after the bills are paid which is a lower amount.
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I wonder how much debt Michael Jackson's estate still has to pay back.

1079 days ago
134.

susie    

Pegasus I sent you an e-mail. Hope the address is still the same.

1079 days ago
135.

Kathysprings    

++ IS IT TRUE ++

Con Rat is MISSING IN ACTION PER Jane Vellez

++ IS IT TRUE ++

1079 days ago
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