Jackson's mother also puts family compound up for sale
Michael Jackson‘s family are to receive a payout of $30 million (£19 million) from the executors of the late singer’s estate.
The late singer’s mother Katherine Jackson, his three children and a number of unnamed charities will receive the preliminary payment after his estate generated more than $310 million (£196 million) since his death in June 2009, according to court documents. The payout comes under the terms of Jackson’s will.
Executors John Branca and John McClain said that, since Jackson‘s death they have reduced outstanding debt obligations by more than $90 million (£57 million) and refinanced loans at lower interest rates. They also benefitted from the release of the posthumous concert film, This Is It and said they were able to pay off dozens of approved creditors’ claims as well as Jackson’s income taxes. Some creditor claims remain open, according to the documents, but the deadline for filing claims against the estate has passed.
They also disclosed that Jackson‘s mother is putting the family’s Encino compound up for sale and wants the executors to negotiate the purchase of a new residence for her and the children, Paris, Prince and Michael Joseph Jr, reports The Daily Telegraph.
The family has been living in a temporary home in Calabasas while the Encino property was refurbished. An approval hearing for the plan will be held on September 28.