Michael Jackson’s Mom Katherine + Three Kids Land $30 Million From Estate
Since his June 2009 death, Michael Jackson's estate has accrued $310 million in additional income. Billboard reports (via an initial report from The Associated Press) that the singer was in debt when he died, but the money generated by the estate and its assets in the past two years has helped pay down the balances owed.
It also created a windfall of money for the late singer's mother Katherine and his three children, who will be the recipients of a $30 million payment. Some of the funds will be distributed to unnamed charities, as well.
Ma Jackson is selling the family's storied Encino residence where Jackson himself grew up and would like to purchase a new residence -- via negotiations through the executors of the estate -- for her and Michael's children: Paris, Prince and Blanket. She is seeking a comfortable home for the children and the $30 million payment will certainly assist with that effort and goal.
The Encino estate is worth $4.15 million and has been renovated. Katherine and her grandchildren now live in a Calabasas home that has a $10 million price tag. The estate's debts have been reduced by over $90 million and loans have be refinanced with lower interest rates. What this means is that the estate's debts are dwindling down due to continued generation of income by the remaining assets. In a sentence: Michael Jackson is still making bank posthumously.
One of the primary income generators is Jackson's extensive music catalog, which also includes portions of the Beatles catalog.
The distribution and breakdown of the $30 million will be reviewed by a judge on Sept. 28.