Get that money out while you can! When Michael Jackson passed away in 2009, he was deeply in debt. I'm no mathematician, but aren't all popstars supposed to be rich? I just assume that Michael Jackson traveled with a trailer full of gold bars, at all times. Regardless, Michael's estate was in debt when he died, but since then the estate has generated more than $310 million.
Now the estate is set to donate $30 million to his mother, Katherine Jackson, and his three children Prince Michael, 14, Paris, and Blanket, 9.
Katherine also wants to put the families famous Encino home up for sale. It was appraised at $4.15 million in 2010, but since then it has undergone extensive renovation and think they can get more for it. Only $4.15 million? Didn't Katy Perry just buy a normal mansion for $6 million? Whatever, like I said, I'm no mathematician.
Katherine Jackson and the kids have been renting a Calabasas home that lists at about $10 million but she wants the estate to buy them a new home.
The estate and the California attorney general's office have been pressing for a distribution of funds, which basically means they want the estate to donate all the money and close it out.
Since June 2009, the estate has produced $310 million in gross revenue mostly from Michael's posthumously released film, "This Is It," his music catalog and the portions of The Beatles catalog that Michael owned.
The estate has reduced debt obligations by more than $90 million and was able to pay off dozens of approved creditors' claims as well as Jackson's income taxes. However, some creditor claims remain open, but the deadline to file claims against the estate has passes, so the Jackson family should be in the clear.
Despite the pressure from the Attorney General's office to close out the estate and distribute funds to charities, the estate claims in a document, "For a number of reasons, including without limitation, pending litigation and a pending estate tax audit, the estate is not yet in a condition to be closed."
The $30 Million to Katherine Jackson is just the start, they claim, and expect more money to come forward in the near future.
A hearing is set for September 28, for the judge to approve any monetary actions made by the estate.
In other Jackson news, his Doctor, Conrad Murray is about to go to trial for involuntary manslaughter charges. He is accused of improperly administering the anesthetic propofol, which killed Michael Jackson.