Tuesday, September 27, 2011

$30 million first payment got Jackson's mother and his children


Michael Jackson's mother Katherine Jackson and his children and unnamed charities will be given a $30 million payment from the late singer's estate.

“Michael Jackson's estate has generated more than $310 million in the two years since the pop singer died deeply in debt, enabling executors to distribute a preliminary payment of $30 million to Jackson's mother and children, and to unnamed charities,” .

Now, thanks to the success of concert film "This Is It," the estate's debt been reduced by $90 million. Additionally, Jackson's family will receive support. Katherine Jackson and Micheal's children, Prince, Paris, and Blanket, will be paid $30 million out of the estate.

It seems Jackson's mother, Katherine, also wants the executors of the state to negotiate the purchase of a new residence for her and Jackson's children, Paris, Prince and Michael Joseph Jr.

Executors have also reduced debt obligations by more than $90 million and refinanced loans at lower interest rates.

This is the first payment Katherine has received from her son's estate, but it's likely only a preliminary amount as his finances are evaluated.. It's scheduled to be approved by a court on Sept. 28.

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