Although Michael Jackson apparently died knee deep in debt, his estate has managed to generate more than $310 million over the past two years! Court documents filed yesterday indicated that executors may distribute a preliminary payment of $30 million to his mother, Katherine Jackson, his children and also to unnamed charities.
In addition, Katherine will put up their Encino compound for sale and wants executors of the will to negotiate buying a new home for her and Paris, Prince and Michael Joseph, Jr., as reported by The Huffington Post.
Michael and his siblings grow up on the Encino compound and although it was appraised at $4.15 million last year, it has been extensively renovated since then. Katherine and the children have been living in Calabasas in a leased house that is currently on sale for $10 million. As Katherine shops for a new home, executors have indicated she’s been looking in that price range.
Executors sound pretty savvy as they reduced debt obligations by more than $90 million. Not only that, they also refinanced loans at lower interest rates and benefitted from This Is It, the posthumous concert film for Michael.
The combination helped pay off his income taxes and several of approved creditors’ claims. Listing cash on hand at $90 million, executors indicated the $30 million was a preliminary distribution; more will be on its way.