Michael Jackson Estate to Katherine Jackson -- Here's SIX MILLION For Your Troubles
Michael Jackson EstateFloats Katherine $6 MillionTo Pay Off S. Korean Concert Suit
10/5/2011 12:50 PM PT
Call 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!