Jackson estate collects US$310-million in two years

15 Sep 2011

Michael Jackson's estate has generated $310-million in the two years since his death and this has managed to stave-off liquidators and allow US$30-million to be paid to his mother, children and numerous charities.

Executors of his estate confirmed that his family home in Encino, Los Angeles is for sale. His mother, Katherine, also wants to buy a new property for herself and his three children, Paris, Prince and Michael Joseph, known as Blanket.

The Encino property - where Jackson grew up with several of his siblings - was valued at US$4-million but extensive work has since been done on the property.

The executors of the estate say that in the past two years they have managed to reduce the liabilities of Jackson's estate by more than US$90-million after refinancing and securing Jackson's interests in the music catalogue Mijac and the Sony/ATV publishing catalogue, which includes portions of the Beatles catalogue.

Jackson died of an overdose of the drug he was using as a sleeping pill and his doctor, Conrad Murray is set to stand trial on charges of involuntary manslaughter.

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Paddy Hartdegen

About Paddy Hartdegen

Paddy Hartdegen has been working as a journalist and writer for the past 40 years since his first article was published in the Sunday Tribune when he was just 16-years-old. He has written 13 books, edited a plethora of business-to-business publications and written for most of the major newspapers in South Africa.