Wednesday, September 14, 2011

Michael Jackson's Children to Score $30 Million Trust

Michael Jackson's Children to Score $30 Million Trust

There's good news for Michael Jackson's children this week. The executors of the music icon's estate asked a judge to allow them to put $30 million in a trust for Jackson's three heirs and his mother Katherine Jackson, who's their legal guardian.

The executors, attorney John Branca and music executive John McClain, have been so successful selling off the late singing sensation's assets and merchandise that they've generated more than $310 million, making it possible to set aside roughly 10 percent for Jackson's kids, TMZ reports

According to legal documents obtained by TMZ, the executors have also asked the Los Angeles Superior Court for permission to sell the Jackson family compound in Encino, Calif. Katherine, 81, reportedly wants to put the $4.2 million property on the market and buy another home for her and her grandkids: Prince, 14, Paris, 13, and Blanket, 9. 

When MJ died suddenly at age 50 two years ago, he left debts in excess of $400 million, but his executors said they've used $159 million from the estate to pay down that amount. His mother and children are his primary beneficiaries. 


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