Michael Jackson’s estate gave his mom Katherine $1M 'allowance' in a year amid legal dispute
LOSANGELES, CALIFRONIA: The estate of the late pop icon Michael Jackson has said it spent hundreds of thousands of dollars over a year to shield the Jackson family. John Branca and John McClain, the estate's executors, presented a revised financial report to a Los Angeles Superior Court judge in a legal case brought by the late pop star's mother Katherine in her attempt to block a proposed deal from her late son’s estate. As per RadarOnline.com, the financial report covered the period from January 1 to December 31, 2019.
The estate claimed it gave Katherine, Michael's mother, 92, an "allowance" of roughly $1 million for the year. The executors also permitted Paris, the singer's daughter, to spend $723k on a new house. Since Michael's death on June 25, 2009, his estate has been managed by the executors. Prince, Paris, and Blanket, three of Michael's children, are the beneficiaries of the inheritance.
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Michael Jackson’s mother Katherine, 92, set to testify in court against King of Pop's estate
The renowned performer, however, ensured his mother was supported in his will for the duration of her life. Branca and McClain claim that they saved the estate from ruin. The pair said that although Michael was deeply in debt when he died, their efforts have made his estate prosperous.
The estate has $2 billion in gross earnings
According to the financial report, the estate produced more than $2 billion in gross earnings. The executors disclosed that the estate earned $70 million in 2019 and had assets worth over $700 million. According to the report, Paris received $723k for her property, while Katherine Jackson received $969,432 in allowance payments for 2019. Prince, her brother, received $23,000 for home renovations, as reported by RadarOnline.
The family also paid $412,942.98 on security for Michael's primary residence in Hayvenhurst as well as his previous condo. Global Entertainment Security received payment from the estate for the work. Another cost was $108k paid to Tito Jackson Jr for his guardianship services. When Katherine was ill in 2012, Michael appointed Tito as guardian of his children.
The estate also reported spending $561k on public relations costs and $692k on storage fees. In addition, legal fees and related expenses totaled $6.5 million. Katherine and the estate were engaged in a heated legal dispute over a prospective contract the executors secured, as per reports. According to court documents, the Los Angeles Superior Court judge ruled that the estate can move forward with the transaction.
It was determined that Jackson's death was a homicide
Michael Jackson died in Los Angeles, California, after a cardiac attack on June 25, 2009. It was determined that Jackson's death, which was brought on by a fatal mix of sedatives and the anesthetic propofol, was a homicide. Jackson's personal physician Conrad Murray was convicted guilty of involuntary manslaughter in 2011, as reported by New York Times.