Posted on Wed Sep 14, 2011 10:25 AM PDT
Michael Jackson's family will finally see some of the more than $310 million that the late singer's estate has taken in since his death two years ago.
At the time of the King of Pop's death on June 25, 2009, he was deeply in debt. But the millions he has made posthumously will allow the estate's executors to provide MJ's mother Katherine and his three children, Paris, Prince and Michael Joseph, Jr. (more commonly known as Blanket), and various charities with $30 million.
Part of the money will go towards buying a new home for Katherine and the kids. In fact, Katherine is already in the process of selling the Encino, Calif., home where Michael was raised. The singer's heirs are currently living nearby in the town of Calabasas, and Mama Jackson has already checked out homes in the $10 million range that she's interested in purchasing.
It's a bit of happy news despite MJ's tragic end, especially since the manslaughter trial against his former doctor Conrad Murray will begin shortly.
Executors said that since Michael's death, "the estate assets have continued to generate additional income." This was largely in part to refinancing and securing Mijac, the Michael Jackson music catalog, and the Sony/ATV publishing catalog that MJ owned and included parts of the Beatles music. The posthumous Michael movie This Is It, released in October 2009, has also generated millions.
The earnings have helped the estate reduce their debt by $90 million. The $30 million is just the first payment, with more coming in the future, provided a judge approves the plan on September 28.
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