Thursday, September 15, 2011

Katherine Jackson and Michael Jackson's kids receive $30 million from late singer's estate

    Members of the Jackson family, left to right, Blanket Jackson, Prince Jackson, Paris Jackson, Katherine Jackson and La Toya Jackson pose Monday Aug. 8, 2011 at Childrens Hospital in Los Angeles. - Provided courtesy of AP / Nick Ut
Jackson's estate has generated over $310 million since the King of Pop died two years ago at age 50 at his Los Angeles home.
The executors of Jackson's estate told the Associated Press that they were able to refinance and secure the estate's interest in the singer's music catalog, as well as the Sony/ATV publishing catalog, which includes some of the Beatles catalog.
The posthumous concert film, "This Is It" helped the executors pay off many of Jackson's debts, income taxes and creditor's claims. The $30 million was a preliminary distribution to the trust and the executors indicated that more would be forthcoming in the future. A hearing for a judge's approval of the distribution plan is scheduled for September 28.
According to the Associated Press, Katherine Jackson is also putting the family's Encino home on the market and plans to purchase a new home for her and the singer's children, Prince Michael, 14, Paris, 13 and Blanket, 9.
The Encino estate, where Michael Jackson and several of his siblings grew up was appraised for $4.15 million in 2010 but has since undergone renovations. Katherine and the children have been living in a leased $10 million Calabasas home.
On August 29, which would have been Jackson's 53rd birthday, his children, mother and father visited the pop singer's hometown of Gary, Indiana.
His daughter Paris told WLS Television, the sister station of KABC Television, parent company of, that they have "adjusted" to their father's death.
"We've adjusted over the past years and I think that coming here and seeing our dad's old house and all the fans coming out ... I think it's really sweet that they did that," Paris Jackson said.
Michael Jackson is said to have died from an overdose of the powerful anesthetic Propofol and two other sedatives that were prescribed and administered by Conrad Murray, who pleaded not guilty in January to a charge of involuntary manslaughter.
The jury pool for Murray's case was chosen earlier this month and are set to return on September 23 to be questioned by defense attorneys and prosecutors.
Meanwhile, Christina Aguilera, Cee-Lo Green, Gladys Knight, Leona Lewis, Smokey Robinson and Ne-Yo are gearing up for "Michael Forever: The Tribute Concert," which will be hosted by Jamie Foxx and is slated to be held in Wales on October 8.
Proceeds from the event will go to AIDS Project Los Angeles and the UK children's charity, The Prince's Trust.
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