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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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16.

Duke Steele    

Even with no interest at all,how is she going to pay it back in a year? Or 10 or twenty. Michael Jackson, the money train, is dead.

1021 days ago
17.

Manda    

how can they sue? My God the man passed away !!!

1021 days ago
18.

Hank    

Hank Williams right on - The hell with Monday night Football

1021 days ago
19.

mj fan forever    

WTF THE ESTATE IS EVEN PAYING GREEDY UNNATURAL MOTHER'S DEBTS????!!!! THAT'S MICHAEL'S CHILDREN MONEY THE ESTATE SHOULD RESPECT MICHAEL'S WISHES AND GIVE TO THE OLD WITCH HER ALLOWANCE HER PART OF INHERITANCE UNTIL SHE DIES!!! THAT'S WHY SHE SUDDENLY AGREED TO TAKE MICHAEL'S CHILDREN TO CIRQUE DU SOLEIL'S SHOW!!! I WAS WONDERING WHY AND HOW COME SHE ALL OF A SUDDEN BECAME SO CONDESCENDING WITH THE ESTATE CONSIDERING THAT SHE NEVER LOSE HER HUNGER FOR MONEY!!!! THE ESTATE WOULD HAVE HAD TO LEAVE HER FACE THE RESULTS OF HER SWINDLES AND PRESERVE THE ESTATE'S MONEY FOR MICHAEL'S CHILDREN AS HE WANTED AND MAYBE INSTEAD USE MONEY FOR BUILDING A MICHAEL JACKSON'S CHILDREN HOSPITAL AS HE WANTED THAT WOULD BE MUCH MORE RIGHT!!! WTF!!!!

1021 days ago
21.

ehehe    

Saint Michael (am saying this as someone who doesn't have a shred of respect for religi_on_.) would have given his Mum 1'000'000'000'000'000'000'000'000'000$ with a negative interest rate!

1021 days ago
22.

pat    

What do you think about this?

Why doesn't the estate just cut a check right now for her share ( 40% ) I believe. No matter what the amount is at as of right now? Here's your share, now be gone.


The Jackson moochers, and there are a lot, would then have to go directly to her for money, travelling expenses, housing etc. etc. etc. thereby running her into the ground and then fight over the remaining money once she passes away. This could be soon, given her age and situation.

This way the estate lawyers could then concentrate on making money for MJ's kids only. The lawyers wouldn't be affected by all the infighting for MJ's fortune.

Cuz, yo gotta know that as long as this clan has access to MJ's fortune, they're going to try and get as much as they can and it will go on as long as there is money in the estate, probably forever.

I think she would go for it. Joe would tell her to go for it. Jermaine and Latoyota would tell her to go for it.

Let me know what you guys think.

Ok bye

1021 days ago
23.

gayforliztaylor    

his acquaintance Don Berrigan says the mj drug recording showed no incoherence. don bragged that mj was different and powerful and was never abused by joe.

1021 days ago
25.

Fuck Celebrities    

I guess that officially makes her as big a piece of crap as the rest of the family.

How much money is enough. His whole family were dancing at the prospects of $$$$$$$ when he died.

1021 days ago
26.

HumanNature    

I DID NOT KNOW THAT SO MANY UNCOUTH PEOPLE HAS A VAST INTEREST IN SOMEONE ELSE'S MONEY WHEN THEY CAN'T EVEN LOOK AFTER THEIR "OWN" MONEY!!!

1021 days ago
27.

mymjj5.    

So what 40% of the estate is hers anyway. so what!

1021 days ago
28.

KC    

Yes, I was also wondering where Katherine 40% goes once she passes on . . . will it be broken up between MJ3? Does anyone know?

1021 days ago
29.

L.O.V.E.    

KC: 45 minutes ago

Yes, I was also wondering where Katherine 40% goes once she passes on . . . will it be broken up between MJ3? Does anyone know?


____________________________________________________

Yes. As per Michael's directive, she does NOT get 40% of the principle, she's allowed the usage of the INTEREST of the 40%. When she dies the 40% principle AND interest of that 40% reverts back to MJ3, ONLY. IOW, she cannot will it to anyone else.

In the meantime, she has an allowance, FOR HER PERSONAL USE, of $36K per month, above and beyond his Estate paying in full ALL maintenance of 'living expenses', including the homes (Havenhurst, MJ's Condo, and now Calabasas) and their renovations, furnishings, security, vehicles, maids, chauffeurs et al... and, apparently now, the loan of $6 million to pay up FINALLY for the nasty trick she attempted to pull on MJ, behind his back (mind you she was in cahoots with the rest of the Clan, to do this) in committing him to a concert he adamantly said NO to, but they went there anyway.

Generous doesn't even BEGIN to describe MJ's heart. Generous to a fault, even. But, stupid about the reality of his mother's and the rest of the Clan's character(s)? Obviously, NOT. Otherwise he wouldn't have been so clearly precise about her being barred from direct access to his Estate, and so clearly cut everyone else, but his children and charities, OUT. Simple as that. He loved her, yes. But he was not her baby boy FOOL as you would think she'd finally GET IT especially with this law suit his Estate is loaning her the money to make go away.

I agree with whoever said it. That lawsuit is SEVENTEEN YRS OLD. IF Michael didn't have the RIGHTFUL attitude that "They did it to themselves. They shouldn't have tried to play me, or them, oh well!" ... he would have paid it FOR her while he was alive.

1021 days ago
30.

sofi    

Michael had to pay for his mother again.

1021 days ago
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