The executors of Michael Jackson’s estate say they will distribute $30 million to the Jackson Family Trust for the benefit of the singer’s mother, his three children and charities, under the terms of the pop megastar’s will.
The executors said in documents filed yesterday that since Jackson’s death in June 2009, the estate had generated more than £310 million, enabling them to pay off dozens of debtor claims and refinance loans at lower interest rates.
They also disclosed that Katherine Jackson wants to sell the family’s famous compound in Encino, California, and find a new home for her and the children.
The family has been living in a temporary home in Calabasas while the Encino property was being refurbished. A hearing for a judge’s approval of the plan will be held on September 28th.
Jackson died of acute propofol intoxication after he suffered cardiac arrest at his home in Los Angeles on June 25th, 2009. He was aged 50.
A trial involving his personal physician Conrad Murray began last week. Mr Murray pleaded not guilty to charges of involuntary manslaughter earlier this year.