Katherine Jackson Withdraws Petition for Control of Estate

August 3, 2009 By:
Katherine Jackson Withdraws Petition for Control of Estate

Court is back in session and the Jackson family is currently inside the courtroom trying to pan out details of who gets control of Michael Jackson's estate.

As Hollyscoop reported earlier today, Michael's mother Katherine Jackson was granted full custody of Michael's three children as well as an undisclosed allowance.

Oddly enough when court resumed, Katherine withdrew her petition asking to be put in charge of the estate, which is estimated at $500 million dollars.

Attorney John Branca and music executive John McClain were named as co-executors of Jackson's 2002 will, and have already received millions of dollars in money, property and a life insurance payout, court filings show.

The money is being placed into a private trust, which designates that 40 percent of the estate goes to Katherine Jackson, 40 percent goes to the children, and 20 percent goes to various charities.

Judge Mitchell Beckloff also ruled that concert promoters AEG must provide Katherine with a copy of the concert contract, so she can ensure no money goes missing from the estate.

UPDATE: The trial is over. As we reported earlier, Katherine was granted full custody of Michael's three children, Prince Michael, 12, Paris, 11 and Prince Michael II, 7, while Debbie Rowe was given visitation rights.

Her attorney said on Thursday, "We were all united in our goals to do what is best for Michael's wonderful children, and both Mrs. Jackson and Debbie Rowe were on the exact same page.”

Katherine was also granted an allowance, but the judge didn't release any details about how much she'll get a month. Beckloff said he questioned some of the costs and opted to reduce the amount, although he added: "It is not my intention to deprive the kids of anything that they're entitled to."

A follow-up hearing on the custody arrangements has been set for Oct. 2 to "review the circumstances of the children" and make sure the custody deal is going according to plan.