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Michael Jackson Estate

Floats Katherine $6 Million

To Pay Off S. Korean Concert Suit

10/5/2011 12:50 PM PDT BY TMZ STAFF

1005_katherine_jackson_EX_01Call Katherine Jackson the Six Million Dollar Mama -- because the Michael Jackson Estate just loaned her that amount to pay off her settlement with a South Korean newspaper.

According to an order entered by the court -- the Estate is giving Katherine the $6 mill to help her wrap up a 17-year old lawsuit filed against her by the Segye Times.

The paper originally won a $4 million judgment against Katherine and others for failing to deliver on a promised Jackson family concert -- but with interest she would owe more than $14 million.

Katherine's attorneys and the paper agreed on a settlement of $6 million -- which clearly she couldn't pay without help from the Estate.

There are strings attached -- according to court docs, Katherine must repay the full amount to the Estate, plus interest, within one year. But check this out -- she got a hell of a deal -- the interest rate is only .16%

The Bank of Michael Jackson ... best rates ANYWHERE!

45 COMMENTS

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1.

Bud    

Hope the "estate" isn't in a hurry. I'm sure K.J. isn't either

1025 days ago
2.

fioo hoos    

Win win sony gets bilions Tmz gets millions mom get millions doctor voodoo gets millions kids get millions all MJ had2 do was get murded and he was worth more than DOA elvis or dOa deano.Hell murder goe round sure pays well for thum TMZ headless PINK ghost snakes on a plane near you anytime soon

1025 days ago
3.

TheHOLETruth    

Deadbeat... if she had just come off the money earlier she wouldn't have been in that hole, but I guess she's so accustomed to preferential treatment that she thought it would all disappear... It's S. Korea, it's not the Californian Celebrity Courts.

1025 days ago
4.

Jack    

I can't figure out if she is evil like Joe or not. She sure seems to be obsessed with money.

1025 days ago
5.

charley    

Katherine reminds me of my French Bulldog Hilda...they have the same droopy eyes...only thing is Hilda is much better looking!

1025 days ago
6.

sscarzz    

When are his unisex wigs going up for sale?

1025 days ago
7.

Tammy    

The $4 million judgement was awarded against Katherine and others while Michael was alive, so IF he wanted to give her the money to pay it off, he would have. The estate should be handling the money for Michael's kids to inherit, not pay off his mother's long-outstanding debt.

1025 days ago
8.

3Storms    

Just steal as much money as you can before those kids turn 18, Jackson family

1025 days ago
9.

3Storms    

And how is she supposed to repay this "loan" when her only source of income is Michael Jackson's estate?

1025 days ago
10.

fioo hoos    

WTF LIC? korvor-Kin`ss voodoo doo doo islands don`t have to have lics2ryd the murder go round elvis atomic voiced nukehead CBS sony sears war contracts for viacommie murdochs pink headless snakes on a plane near you anyyime soon real soon

1025 days ago
12.

LadyD    

Prayers for the Jackson family and Michael's children. May their bond of love keep them unified and strong. Much love for the family.

1025 days ago
13.

LadyD    

Thanks Phantom. The 95 MTV Video Awards Performance by Michael was spectacular. His compilation of songs along with his mind-blowing dance moves was undeniably a magnificent show. He really mesmerized his audience. Again he looked sooo HOT!!! THANKS Phantom.

1025 days ago
14.

lokimutt    

When are we going to be done with this family?

1025 days ago
15.

YouDontSay    

The more I hear about the Jackson family makes me think they are vile. Did Michael legally adopt the three children that are not biologically his? If NOT, take them away from this vile family!

1025 days ago
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