While Katherine Jackson battles with Michael Jackson’s executors over a secret deal, the estate is still supporting her via an allowance that the late King of Pop put in place.
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The iconic star made provisions to take care of his mother for the rest of her life despite the beneficiaries of his estate being his three children, Prince, Paris, and Blanket.
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As BOSSIP previously reported, Katherine Jackson fought and lost her attempt to block a proposed secret deal from her late son’s estate.
Radar Online reports that John Branca and John McClain have been in charge of Michael’s estate since his death on June 25, 2009. The men filed an updated accounting report in court covering the period of time from January 1, 2019, to December 31, 2019.
Branca and McClain are credited for bringing Michael’s estate back to life. They claim when they started work on Michael’s affairs, the late pop superstar was “more than $400 million in debt that encumbered Michael’s most significant assets and little or no liquidity or means to service that debt.
In order to fix it, the two said that they needed creative thinking, hard work, and Michael’s extraordinary creative legacy to transform the MJJ Business into a profitable enterprise.
“The Executors have been able to create exceptional and unique opportunities that did not exist at the time of Michael Jackson’s death to generate substantial revenues and enhance the image and legacy of Michael Jackson for the benefit of the beneficiaries of Michael’s Trust. As of December 31, 2022, the Estate generated gross earnings exceeding Two Billion Dollars,” reports Radar Online.
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According to a new filing, RadarOnline.com revealed the estate made over $70 million in 2019 and had over $700 million in assets. MJ’s estate listed property as his $4 million home in Los Angeles, another $315k condo, several Rolls Royce automobiles, a 2001 Bentley, interest in various businesses, stocks & bonds, and personal property worth $12 million.
The documents also revealed that Katherine Jackson received $969,432 in allowance payments for the year. In addition, the executors also approved Michael’s daughter Paris spending $750k on construction for her home.
Despite receiving the allowance, Katherine Jackson is still battling the executors amid reports that they’re engrossed in a “secret business transaction” related to a reported $800 million sale of half of Jackson’s music catalog.
If that’s true, it’s clear that Katherine wants to protect her late son’s legacy hence why she filed an appeal to block its approval.
Things are clearly unfinished between Ms. Jackson and the Jackson estate.
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