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Michael Jackson Estate funding Trust 30 Million for Katherine & Kids

qbee

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A huge development in the Michael Jackson Estate case. The Executors have done so well making money for the Estate since Jackson died, they want to fund the Michael Jackson Trust to the tune of $30 million for the benefit of Katherine Jackson and Michael's 3 kids.

TMZ has obtained court documents in which co-Executors John Branca and John McClain are asking the court's permission to fund the trust. According to the docs, the Estate generated more than $310 million in gross revenues as of December 31, 2010 -- that's the latest accounting.

In addition to funding the trust, the Executors are asking the court's permission to sell the longtime family home on Hayvenhurst Avenue in Encino, CA. According to the docs, Katherine wants to sell the house and, although no price is mentioned, the property was valued at $4,150,000 when Michael died.

The docs say Katherine wants the Estate to purchase another home and she's eying several properties, but we're told the home she really wants is the Calabasas house in which she and the kids are currently living.
 
I understand wanting to sell Hayvenhurst. That stopped being Michael's a long time ago. My head knows this but my heart is sad... AGAIN*sigh*

Great job Team Michael!!
 
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so much for big nasty estate but it really hope katherine wont be getting her hands on the money any time soon.
the remaining jackson's especially randy must be turning green out of jealousy.. taj is probably gonna start another war soon..
I really wanna know how it feels to have SO MUCH money that's so near yet soooooooo far away. HAHA

Another thing I am really glad to know that Michael set up his kids and future grandkids and even their kids for life. I hope those kids will eventually understand that their father secured them for life regardless of what their relatives might feed their heads with.
 
So is Katherine going to stop saying the estate is not giving her money. Notice she wants to sell the house. Her eyes are on that new fancier house that they are in now. Well grandma surely lives a luxurious life for someone who is not getting any money. Now with this news the hang ons will stay closer to the children to beg for money. Here comes the extended family.....
 
Selling Hayvenhurst!!! Why? It's so sad. I hope the kids are ok with that. If it were me, I'd keep a house where one of my parents lived.

About the 30 mil, does anybody knows if they would have access to the money or they will continue getting what the court stipulated?
 
Petrarose said:
So is Katherine going to stop saying the estate is not giving her money. Notice she wants to sell the house. Her eyes are on that new fancier house that they are in now. Well grandma surely lives a luxurious life for someone who is not getting any money. Now with this news the hang ons will stay closer to the children to beg for money. Here comes the extended family.....
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exactly. And I truly hope she thanks her deceased son every night for having been so blessed and unique, cuz God knows the rest of her sons are rather useless living off of her (off Michael to be precise) instead of providing FOR her.
 
Aquarius said:
About the 30 mil, does anybody knows if they would have access to the money or they will continue getting what the court stipulated?
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Trust rules still apply.

This shows us that Estate is surely coming out of red and they start to put aside money for the beneficiaries.
 
People can't go and use the trust money as they wish. The kids and Katherine get a stipulated amount of money each month. They can get more for things like college, buying a new home, etc if a need arises. All this is stipulated in the will.

Hey Ivy we posted at the same time.

I wonder if the old home hold too many memories for katherine, that she wants to forget.
 
That's a good for the kids. I am glad the estate is doing well like this.
 
^^Yes Michael knew who to put in charge of his estate. Now these billionaire kids do not need a hand out of 100,000.
 
i dot know who that poster was that good bye to that nasty old house, they are mean. to me it is the finishing point to the michael jackson legacy as far the family is concerned. i cant believe that keep tearing apart everything he built and all that we remembered of him besides his music . this hurts so bad i cant stop crying , i though they were working on the house with intent to move back in but they are getting rid of it and somewhere inside me it just hurts. is all, i know it belongs to them and they have the right to live where they want but if that was my son i wouldnt get rid of his first home that he grew up in . i just couldnt . the selling of his things and they putting dowin of tributes to him and ppl out to make money off his name but spraying all of who he was to the wind to me just hurts . i dont want to say anything disrespectful so i will end this with i love you with all my heart michael jackson and always will. i hope you are at peace now. goodbye.n
 
really hope katherine wont be getting her hands on the money any time soon.
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This is what worries me bout katerine getting the money- the ppl in the family who will be using her to get that money for themselves. Katerune is very naive and will probably give into their demands but i hope that doesnt happen. So like this fund will be opened when the kids turn 18 or now?
 
To bad they wanna sell the home MJ lived in since his motwon days up until almost 30! O_O I wish I can buy it! I mean that house Mj fixed up like a mini Neverland until he actually bought the real Neverland! There's even a room MJ decorated the walls with of pics of himself and others! Oh man... how can a treasure like that be sold? =/ Please give me the walls atleast! lol =,( Why don't they turn it into a Family museum? I wouldn't mind that TBH!
 
There's not one naive bone in Katherine Jackson's body ^ lol

I wish the estate wasn't selling Havenhurst. Could have been a museum. Lots of history in that house. A shame.
 
The Estate is working hard. Great job!






Documents: Executors of Michael Jackson estate to give $30 million to Jackson heirs


By Associated Press, Published: September 13 | Updated: Wednesday, September 14, 12:09 AM


<article>LOS ANGELES &#8212; Two years after Michael Jackson died deeply in debt, his estate has generated more than $310 million, enabling executors to distribute a preliminary payment of $30 million to Jackson&#8217;s mother and children, and to unnamed charities, according to court documents filed Tuesday.

Executors also disclosed that Jackson&#8217;s mother, Katherine, is putting the family&#8217;s fabled Encino compound up for sale and wants the executors to negotiate the purchase of a new residence for her and the children, Paris, Prince and Michael Joseph Jr., known as Blanket.

The Encino property, where Jackson grew up and where several of his siblings lived in a cottage near their parents&#8217; home was appraised at $4.15 million in 2010 but has since undergone extensive renovation. Katherine Jackson and the children moved out and have been living at a leased Calabasas home that is for sale for about $10 million.

The executors said Katherine Jackson has identified a number of homes in that price range that would suit her needs and that of the children.
The executors said the trust and the California attorney general&#8217;s office, which is representing charities as beneficiaries of the estate, have been pressing for distribution of funds.

The executors, John Branca and John McClain, filed a detailed accounting of finances since Jackson&#8217;s death on June 25, 2009. By the end of last year, the estate had produced more than $310 million in gross revenues. &#8220;Since that date, the estate assets have continued to generate additional income,&#8221; the executors said.

Notably, they said they were able to refinance and secure the estate&#8217;s interest in the Michael Jackson music catalog, Mijac, and the Sony/ATV publishing catalog, which includes portions of the Beatles catalog.

They said they reduced debt obligations by more than $90 million and refinanced loans at lower interest rates. They also benefited from the release of the posthumous concert film, &#8220;This Is It,&#8221; and said they were able to pay off dozens of approved creditors&#8217; claims as well as Jackson&#8217;s income taxes. Some creditor claims remain open, according to the documents, but the deadline for filing claims against the estate has passed.

&#8220;For a number of reasons, including without limitation, pending litigation and a pending estate tax audit, the estate is not yet in a condition to be closed. &#8220; the document said. They listed cash on hand of $90 million.

They indicated that the $30 million was a preliminary distribution to the trust and more would be forthcoming in the future.

A hearing for a judge&#8217;s approval of the plan is set for Sept. 28.

Jackson&#8217;s death remains in the news as his doctor, Conrad Murray, is set to go on trial on involuntary manslaughter charges. He is accused of negligently administering the anesthetic propofol.

Jackson died of an overdose of the drug he was using for sleep. At the time of his death, he was due to launch a concert tour in England. Rehearsal footage for that concert was the basis of the movie &#8220;This is It.&#8221;

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http://www.washingtonpost.com/natio...family-trust/2011/09/13/gIQA5EsgQK_story.html
 
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Whateverhappens I understand your sad feelings. It seems that you feel if they sell the house, they are also letting go a piece of Michael, his history, a place he loved that holds many "Michael memories."

8701 that money is in the trust. Katherine and company cannot simply go and take it out. Katherine gets an allowance and she could use that for whatever she wants, even give it to her children. The trust is not her allowance. The kids also get an allowance.

That new house is probably very beautiful. Jermaine called Havenhurst the family home in his book. I guess it will not be the family home anymore. I guess if they sell it, the estate will use the money to buy the home Katherine wants.
 
Very sad news about selling the house... I always hoped it would become a museum one day...
 
i REALLY REALLY hope their not selling the house. to lose neverland and hayvenhurst would be sickening...yuck.
if someone buys the house do u think they'll turn it into a museum thing??? i dont think anyone could just come and live in a house that has so much history....
 
Could someone explain to me what this actually means? Will she be able to get more money out of this and give it to her jobless children?
I thought the whole Estate was kind of a trust...

Plus I can't believe Hayvenhurst is on sale. First they get rid of Neverland, then Hayvenhurst. Why don't they just tare down Michael's birth home as well!

PPB won't be happy when they come of age and look back!
 
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Could someone please tell me how the laws works regarding a trust fund, I hope the money wont go to straight to Kathrine with full authority, if thats the case they money will be lost soon. Or will the money be paid out over time by the estate?
 
They said they reduced debt obligations by more than $90 million and refinanced loans at lower interest rates.
http://ca.news.yahoo.com/documents-...kson-estate-30-million-jackson-015012281.html


When Jackson died, he had debts of more than $400 million, and his estate administrators said earlier this year that they had used $159 million to pay down those debts.

http://news.yahoo.com/trust-fund-request-made-michael-jackson-beneficiaries-033616555.html

$159 million? $90 million ? which one is actual number?
 
I'm sad that Katherine has decided to sell Hayvenhurst. IMO it would have been great for a museum one day.
 
Can't the Estate keep it though? I think it can afford to keep this house and still buy a new one for the kids to live in... This house is a part of Michael Jackson history and it would be sad to see some random people live in it.
 
I'm really sad at the house being sold but I can understand that for Katherine it might contain just too many memories and it hurts her. But for the kids I think they might look back and be upset that it was sold later. I hope a wealthy fan can buy it and preserve it/ museum it and would sell it back to the kids if thy asked in years to come.
 
Funny who this getd filed after the statements by chris hunt about thr 100k trust fund lol. aslong as they arent spending millions more on a house than what hayvernhurst is worth who really cares cant see how u can turn it into a museum.its just on a normal street
 
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