Jackson's Estate will be Solvent: Authorities
- Sun, Jul 26 2009 11:10:23 AM
New York, July 26 (IANS): Authorities have found that the assets of Michael Jackson's estate exceed $500 million and say that it will pull the late singer out of the estimated $400 million he died owing.
According to contactmusic.com, administrators John Branca and John MCClain have filed court documents indicating Jackson's estate will be solvent, or sufficient to pay all debts, because his "assets consist of real and personal property exceeding $500 million".
The papers, released into public domain Friday, also state that Branca and McClain have recovered over $5.5 million in cash from one of the star's former business advisers.
The executors are also finalising various deals they expect will generate "tens of millions of dollars of revenues", providing Jackson's three young children with substantial amounts after all debts are paid off.
Those business negotiations will be submitted to court officials for approval within the coming week, according to the papers.
Information about the estate was included in two motions form Branca and McClain asking the court to approve a petition filed by Jackson's mother Katherine requesting a monthly allowance.
Katherine, 79, filed an appeal on Thursday seeking access to her son's finances so she can provide for her grandchildren, Prince Michael, 12, Paris, 11, and seven-year-old Prince Michael II, aka Blanket.
A judge will consider granting Katherine's request at a hearing on Aug 3.