King of Pop has earned €225m since death
Published 15/09/2011 | 05:00
Michael Jackson's estate has generated more than $310m (€225m) in the two years since the heavily indebted pop singer died.
The income surge has enabled executors to distribute a preliminary payment of $30m (€21.7m) to Jackson's mother and children, and to unnamed charities, according to recently filed court documents.
Yesterday, his executors also disclosed that the eccentric superstar's mother, Katherine, is putting the family's fabled compound in the Encino area of Los Angeles 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. (also known as Blanket).
The Encino property, where Jackson grew up was appraised at $4.15m (€3m) in 2010 but has since undergone extensive renovations. Katherine Jackson and the children have moved out and have been living at a leased home that is for sale for about $10m (€7.2m). The executors said Katherine Jackson has identified a number of homes in that price range that would suit her needs and that of the children.
The executors, John Branca and John McClain, filed a detailed account of finances since Jackson's death on June 25, 2009. Notably, they said they were able to refinance and secure the estate's interest in the Michael Jackson music catalog, Mijac, and the Sony/ATV publishing catalog, which includes portions of the Beatles catalogue.
Jackson's death remains in the news as his doctor, Conrad Murray, is set to go on trial on involuntary manslaughter charges. He is accused of negligently administering the anaesthetic Propofol. Jackson died of an overdose of the drug he was using for sleep.