Executors for Michael Jackson’s estate plan to hand over $30 million to the Jackson Family Trust, which will benefit his mother, three children and some other charities the late singer supported. This, they say, is in line with Jackson’s will.
The estate has filed papers with the courts asking for approval of the pay out. The papers also reveal that the estate has generated $310 million since Jackson’s death in 2009, enabling it to pay off dozens of the singer’s creditors and to refinance other loans on more favourable terms.
The papers also note that Katherine Jackson is planning on selling the Jackson clan’s famous residence in Encino, California and will look for a new home for her and her late son’s three children.