Michael Jackson's Heirs Will Get $30 Million
LOS ANGELES (AP) — The executors of Michael Jackson's estate say they will distribute $30 million to the Jackson Family Trust for the benefit of the singer's mother, his three children and charities, under the terms of Jackson's will.
The executors said in documents filed Tuesday that since Jackson's death in June 2009, the estate has generated more than $310 million, enabling them to pay off dozens of debtor claims and refinance loans at lower interest rates.
They also disclosed that Katherine Jackson wants to sell the family's famous compound in Encino, Calif., and find a new residence for her and the children.
The family has been living in a temporary home in Calabasas while the Encino property was being refurbished. A hearing for a judge's approval of the plan is set for Sept. 28.