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Michael Jackson Estate funding Trust 30 Million for Katherine & Kids

A posh one though surrounded by million $ houses and their owners?
 
Until anything is proven otherwise I will take this as there being too many painful memories at Havenhurst - but I wouldn't be surprised to find the house being sold very cheap to some business company heading by members of the Jackson family. I seem to have become very cynical.
 
Selling Havenhurst is a bad idea... or at least turn it into a Museum as Neverland is not allowed.
 
Like someone said Michael stoped calling Enrico home a long time ago. yes it has Michaels history in it, but I don't see the point for family to keep it if they don't like it anymore. JUST AS LONG THEY DON'T SELL NEVERLAND, then I'd be mad.
 
mkgenie said:
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?
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I have the very same question Mkgenie.

But I think the debt was higher than 400M..You remember the laundry list of claims that came in AFTER MJ passed?


Guys, the estate cannot keep EVERYTHING. If they did it would drain money out of the kids' trust fund.

I am sure down the road, they will even sell some of MJ's personal items, because it is inconceivable for a business (yes, the estate is a business) to maintain such overhead over long periods. They will keep the most important pieces for the museum they have in mind, no way will they or can they keep so many items.


MKGenie, what happened to MJ's personal items that went on tour in Japan in 2010. This was supposed to make its way in NY, but for some reasons we lost track of them in Japan after MJ's 1st anniversary (when they had the sleep in).
 
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Isn't Graceland on a regular street?

I really don't see why she wants to sell Hayvenhurst. I'm sure it's too painful to live there, but that doesn't mean it has to be sold. You can't tell me the estate can't afford the upkeep on two properties. I really think the children will want that place someday. It's a huge part of music history just like Neverland.
 
Katherine said many months ago that she doesn´t want to go back because of the memories. But they also said they were gonna keep it for weddings and other things. Surprised they have changed their minds, maybe it has to do with money.
 
I doubt it had anything to do with the money as they still have to buy one after they sell it. and i doubt they are gonna downsize to a tiny house. i guess its a op for katherine to have a new house which she wouldnt have got before. and the estate know exactly what would happen if they kept hay.. jermaines kids and everyone else would try to get back in.not logical in any sense to keep two houses.and what happened to all the renevations that were being done
 
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Most of the laundary list of claims were rejected or were for small amounts in the scheme of things
 
mkgenie said:
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?
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both actually :)

debt reduction of $90 million happened by reduction of the interest rates on the loans.

For example if you have a $1000 debt with 20% you will have interest of $200. If you manage to lower your interest to 10% the interest rate will be $100. That's a saving of $100.

So they saved / reduced the amount they need to pay by $90M just by refinancing.

Then they payed $159 Million for the debts.

So again if we go with my simplified example. It's like this

$1000 loan with 20% interest , interest debt is $200
- refinancing with 10% , interest debt is now $100
- pay back $50, the final debt is now $50

so it is like $200 original debt - $100 savings/reduction - $50 payment = $50 current debt.
 
Petrarose said:
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..
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Oh ok cuz i thought this meant like it was meant for katerine & the kids only to use
 
I understand why KJ wouldnt want to go back to that house, but selling it? It breaks my heart.

I guess it must be the fact that as fans we dont have much to hold on to, and those places, like Neverland, are precious. Oh well.

I dont know if it could be a museum, considering the area; it's not a large street, I dont see where they would have parking space and such; and I doubt the neighbors would agree, considering the traffic it would generate.
 
ivy said:
both actually :)

debt reduction of $90 million happened by reduction of the interest rates on the loans.

For example if you have a $1000 debt with 20% you will have interest of $200. If you manage to lower your interest to 10% the interest rate will be $100. That's a saving of $100.

So they saved / reduced the amount they need to pay by $90M just by refinancing.

Then they payed $159 Million for the debts.

So again if we go with my simplified example. It's like this

$1000 loan with 20% interest , interest debt is $200
- refinancing with 10% , interest debt is now $100
- pay back $50, the final debt is now $50

so it is like $200 original debt - $100 savings/reduction - $50 payment = $50 current debt.
Click to expand...

Good grief, just shows how badly mismanaged MJ's financial affairs were in his later years when you consider all that extra interest he was having to pay. Unlike latoya, i wish branca had been brought in alot sooner!

I agree with posters, seems a lost opportunity to let go of Hayvenhurst with all its jackson history. Those estate agents will be INUNDATED with requests for viewings. Perhaps prospective buyers will have to prove they have $5m in their bank otherwise they will have coachloads of people with MJ t-shirts on turning up demanding to be taken on a tour.
 
Michael Jackson left $30m to family

Lisa O'Carroll guardian.co.uk, Wednesday 14 September 2011 12.33 BST

Star's estate reveals that although he was once one of the wealthiest entertainers in the world, it had to pay off big debts .He was once one of the wealthiest singers in the history of entertainment, but when all Michael Jackson's debts were paid off, just $30m was left in his will for his family. :upside_down:


http://www.guardian.co.uk/music/2011/sep/14/michael-jackson-family
 
In a situation like this, where there has been an upswing in revenues, I think that the 30 million will be kept intact, but the INTEREST ear-marked for specific purposes, i.e. monthly stipends for Katherine and Michael's children. Interest can be plowed back into the principal, to "grow it," or it can be paid out incrementally. I doubt that there is a lump-sum payment, but rather a continuing (but larger) stipend. If there were a lump-sum payment, then it's likely Katherine would LOSE IT to the Korean lawsuit that has the judgment against her. This arrangement seems more sheltered?

This news was very public, and hopefully that will put an end to statements by the family that "Katherine doesn't have enough money," or "isn't getting anything from the estate," when clearly, she isn't hurting for money, and she IS getting money from the estate. It would also render maneuvers like the "trust fund for the children" unnecessary. Key here is that the money is for Katherine and Michael's children, ONLY. Nothing for the rest of the family. If the rest of the family wants to benefit from this, they will have to ask Katherine directly for money from HER stipend. I'd expect that the pressure on Katherine. . . will be ENORMOUS?
 
That Guardian article was kind of misleading and the article goes on to explain
that more will be added to the trust. but we are always going to get Tabloid
headlines and takes on any story about Michael.
 
qbee said:
^^
That was kind of misleading and the article goes on to explain
that more will be added to the trust. but we are always going to
get Tabloid headlines and takes on any story about Michael.
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Oh, I agree, money will continue to be added to the trust, and this is a start. Point being, Katherine and the kids are not GETTING the thirty million, but probably the interest on that (which would be significant), in monthly payments. That surely doesn't preclude MORE being added as more revenues come in. Hope that explains?
 
Soundmind said:
Michael Jackson left $30m to family

Lisa O'Carroll guardian.co.uk, Wednesday 14 September 2011 12.33 BST

Star's estate reveals that although he was once one of the wealthiest entertainers in the world, it had to pay off big debts .He was once one of the wealthiest singers in the history of entertainment, but when all Michael Jackson's debts were paid off, just $30m was left in his will for his family. :upside_down:


http://www.guardian.co.uk/music/2011/sep/14/michael-jackson-family
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My Goodness, did this person go to grade school. Where did she learn to read. Can someone in the UK explain the words to her. Obviously, there is something wrong here, and the UK has excellent school. One wonders if she was looking out the window in class when the lessons were being taught.

Yes more money is always added. This was just their funding of the trust. Good start I will say.
 
Great news!

These kids will never need money or anything!
 
Petrarose said:
My Goodness, did this person go to grade school. Where did she learn to read. Can someone in the UK explain the words to her. Obviously, there is something wrong here, and the UK has excellent school. One wonders if she was looking out the window in class when the lessons were being taught.

Yes more money is always added. This was just their funding of the trust. Good start I will say.
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email them. the headline is totally misleading as always
 
Thanks Elusive knew I could depend on you. I agree with you about the timing also. Lately we had certain people speaking publicly about how hard up Katherine was, so the timing of this announcement is interesting.
 
Petrarose said:
Thanks Elusive knew I could depend on you. I agree with you about the timing also. Lately we had certain people speaking publicly about how hard up Katherine was, so the timing of this announcement is interesting.
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I'm thinking that the timing of this announcement might be cleverness on the part of the Estate, given that the GLE concert is supposed to generate a "trust fund" for the children, that they CLEARLY do not need? In that sense, this public announcement might be pre-emptive to discourage further such financial maneuverings? And to put an END to family statements that Katherine is hard-up for cash, when surely she ISN'T? As per the will, the money is ear-marked ONLY for Katherine and Michael's children. Any cash that goes to the rest of the family would be at Katherine's discretion, out of her monthly stipend?
 
Yes, I was thinking so Autumn. The estate being cleaver and professional would not go on TV and say "How dare you say we are not giving XYZ money." They do it the professional way simple file some documents that they know certain parties will look at and put in their papers. I say good move by the estate--let someone else do the unnecessary work for you!!!
 
I am really happy with the way the executors have managed the Estate. Way to go Branca and Co.!

However, I'd be lying if I tell I'm not upset over plans to sell the Encino house. I agree with the shared sentiment, that it would make a great museum. It has so much of history, and was Michael's home for nearly two decades. I can't believe they want to let go now. Just last year, Katherine said that she will never leave or sell that house because she regarded it as a gift from Michael. Why the sudden change of heart?

I wonder what will happen to the memory room, housing family photographs and memorabilia? I know the room has been left as is, in the same condition, with the items intact because Jermaine conducted an interview there mere days ago, and it seems he took the interviewer there.

:no: I wish it didn't have to come to this.
 
Petrarose said:
My Goodness, did this person go to grade school. Where did she learn to read. Can someone in the UK explain the words to her. Obviously, there is something wrong here, and the UK has excellent school. One wonders if she was looking out the window in class when the lessons were being taught.

Yes more money is always added. This was just their funding of the trust. Good start I will say.
Click to expand...


Ya know, just saw that when I googled for news. WTF? What an ignoramus. And it has to be the top search, with that misleading title.
 
^^I guess they will take all the items from the room when they sell it. I am trying to see how she feels. Lets say I had a son who lived with me in a house. The house would have many wonderful memories of the son. There might be some painful memories caused by Joe, but basically I would feel the memories would be happy ones. So, why sell the home? Maybe the happy memories remind her that Michael is dead. Maybe the kids and her like the new house better. Maybe she is not so connected to sentiments as some of us, so selling the home is not a big deal. Maybe they do not understand the significance of the home. Maybe they don't want to have 2 homes at the same time, when the newer one is in a better area and more fabulous. Whatever the reasons, we may as well begin to say bye bye to that part of Michael's history in our hearts, if this article is true.

PS: I wonder if Lisa has 30 million to leave to her heirs. I love it when people act as though millions is not such a big deal, when they will never be able to hold that sum in their lifetime.
 
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