Katherine Jackson, kids to get $30 million from Michael Jackson estate
Michael Jackson's estate plans to distribute $30 million to the pop star's mother, Katherine Jackson, his three children and unnamed charities, court documents show.
The Associated Press reported that Jackson's estate had generated more than $310 million since his death. Jackson's executors noted that they were able to reduce debt obligations by $90 million and also refinanced loans with lower interest rates. The release of the concert film "This Is It" also benefited the estate.
The $30 million is a preliminary distribution to Katherine Jackson and the pop star's three children, and more is likely to be dispersed in the future. A judge is scheduled to approve the plan on Sept. 28.
When Jackson died in June 2009, he owed creditors close to $500 million. He was preparing for a series of London concerts designed to help him revive his career and pay off some of his debts.
-- Kimi Yoshino
Photo: A scene from Michael Jackson's concert movie, "This Is It." Credit: Kevin Mazur