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Michael Jackson Estate funding Trust 30 Million for Katherine & Kids

They can have parties and such at the new house. It doesn't seem like anyone wants to live there anymore. I don't want to seem cold but that's a big house just sit there and never used.
 
According to the document , the estate decided to distribute this $30 million at the request of KJ and CA Attorney General. Interesting fact!
 
^^ and guardian ad litem. it doesn't explicitly say who the request came from. one news source said that it was attorney general
 
ivy said:
^^ and guardian ad litem. it doesn't explicitly say who the request came from. one news source said that it was attorney general
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According to the document, it seems that the Attorney General is filing on behalf of the charities (unnamed)? That might be standard procedure?
 
Yes it is standard procedure and I believe the requesst were made some time ago
but NOW the estate is in positiong to honor the requests.
 
moodyblue97 said:
Katherine and family doesn't want to sell. Katherine doesn't want to live there but she want to keep it for parties , weddings and such things.
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Does'nt want to sell but at the same time wants to keep it for special occasions.......not financially realistic.

For me though, selling the house at Havenhurst is'nt that big of a deal to me. Now if I heard they were selling Neverland then I would have so much to say about that. I identify Neverland with Michael moreso than Havenhurst.

As for the executors, I applaud them for all their efforts in maintaining this Estate in the manner in which they have.
 
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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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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.
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marebear said:
So if I get this straight. Say the debt was $400 million and they reduced the debt by 90 million by reducing interest rate so the new debt is $310 million? They pay $159 now and the new total is $151 million? That's pretty good and on the right track. The interest rates are what gets people and takes forever to pay off. Michael was smart having Branca and Mcclain. They clearly know what they are doing and the kids and Katherine are benefitting from it. These things take time.
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Ok, so according to the doc the $90 million includes the Hayvenhurst mortgage, the AEG payment, $50 million for Mijac (reducing the debt from $75 to $25) AND also the savings from refinancing at better interest rates.
There's nothing at all that would suggest a $90 + $159 reduction. Just to clarify.

(Which again begs the question, where does the $159 figure come from, because the current doc indicates a $90 million total reduction?)
 
I think Hayvenhurst is just as important to MJ's legacy as Neverland is. And I think he actually lived in both of them the same amount of time. Hayvenhurst from 1971 to 1988 right? And Neverland from 1988 until sometime in 2003 or so? I say sell a portion of Hayvenhurst to some sort of business with the intention being to make a museum one day.
 
Petrarose said:
About wanting the house for weddings and parties, whose weddings and parties is she talking about? Does she mean members of the family or rent it out to friends to have parties and weddings there? It seems a waste to simply keep a house to have weddings and parties. How many weddings are we expecting from one family per month? Unless this is a super duper party family, how many parties is expected to take place per month, for this idea to be viable?I know sometimes corporations keep a property for parties and meetings, but there is a way to deduct this on the books for tax purposes.
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im sure the estate know very well what will happen if they keep the house it will become a dumping ground for everyones kids and they will be back to sq one interms of paying for everyone else. its illogical to just keep a big house for parties etc. someones gonna end up living in it.which imo would the purpose of k asking to keep it ontop of having a new house.
 
Jermaine tweeted that the story of selling Hayvenhurst is false. He said his mother does not know where that report came from.
 
ginvid said:
Jermaine tweeted that the story of selling Hayvenhurst is false. He said his mother does not know where that report came from.
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I wonder if the estate will take Katherine's wishes into consideration then. guess we shall see,
 
jermjackson5 Jermaine Jackson by BillieJean1981



We have no idea who or what lies behind the initial report on AP. All we know is that Mother will not be selling Hayvenhurst #sacrosanct
 
ginvid said:
Jermaine tweeted that the story of selling Hayvenhurst is false. He said his mother does not know where that report came from.
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This may be due to a lack of communication?

This may be entirely untrue (selling Hayvenhurst), or may be an unfortunate leak and Katherine hadn't been told about it? Guess we'll know, eventually?

In an emotional and sentimental sense, probably best to keep the property. In purely a business sense, if Katherine is living elsewhere, probably better to sell it? It's worth a LOT.
 
She may not own it, but I would think that nobody would force her to give up a home she's had for 40 years?
 
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We do not know if Jermaine knows what is going on either. The report was speculating that it might be sold. We are the ones who started wondering what that would mean.
 
The Estate is so brilliant and creative I’m sure they have thought of ways to make both Hayvanhurst and Neverland profitable. You can bet they have a classy way to preserve the properties for the children and promote Michael’s legacy. We will have to wait and see what develops but I’ll be very surprised if they simply let the compound go for a few million. Too much MJ history in that house. JMO.
 
Guys Rockstar just said that she saw an article where they are saying that Michaael left 19 million, so I guess the media is at it again!!! When it comes to figures, the smallest number always seem more attractive to them.
 
yeah Petra it's in the mirror, you have to register to leave comments on their page .
 
Petrarose said:
Guys Rockstar just said that she saw an article where they are saying that Michaael left 19 million, so I guess the media is at it again!!! When it comes to figures, the smallest number always seem more attractive to them.
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I am sorry Petra I am confused...19 million to what or who?
 
xthunderx2 said:
I am sorry Petra I am confused...19 million to what or who?
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To his children and mother. They are making it sound as if that is all his kids will get. It's ridiculous that articles with this misleading title top Google news search for Michael. It was the same yesterday.
 
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. i guess its from the whole 30 mill added to the trust fund. the media are clueless. well not clueless they know exactly what they are doing

if anyone has access to the mirror website please put the lieing bar stewards in their place.once again re writing history. they are saying he only left 19 mill pounds approx 30 mill $ cause of all his bad debts. when that figure has nothing to do with the amount the estate added to the trust fund. how do these feckers get away with it

anyone got the email address for the journo who wrote this crap im pissed off to say the least
 
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Tsukiji said:
She may not own it, but I would think that nobody would force her to give up a home she's had for 40 years?
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No surely not, but I'm afraid dear Katherine's gotta make up her mind, as to where she wants to live, she cant expect the Estate to buy her a 10 million plus house AND keep the other (which would require maintenance costs etc) for ''parties and weddings'' how many more times r her senior children going to marry and divorce? While she intends to live in a brand new more luxurious home, she wants to keep the other one so that her useless offspring and their dozens of kids can occupy it. Ain't gonna happen, she needs to make up her mind, I can definitely see why the Estate wants to sell the other house when Mrs desperately wants to live in another brand new multi million dollar mansion.
 
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