$30 Million To Be Dispersed To Michael Jackson’s Mother and Three Children
According to court documents, Katherine Jackson , Michael Jackson’s three children, and unnamed charities are to be distributed $30 million dollars from the late pop star’s estate.
Michael Jackson’s estate has generated more than $310 million dollars since his death.
Jackson’s executors noted that they were able to reduce debt obligations by $90 million and also refinanced loans with lower interest rates.
Michael’s estate has also benefited from the release of the concert film “This Is It.”
A judge is scheduled to approve the preliminary distribution of the $30 million to Michael’s mother and his three children on September 28th.
The money is likely to be dispersed in the future.
When Jackson died in June 2009, he owed creditors close to $500 million.
He was preparing for a series of London concerts designed to help him revive his career and pay off some of his debts.