This is the week for celebrity estates - yesterday I wrote about Steve McNair's estate and the day before I wrote about Anna Nicole Smith's estate. But a week focusing on celebrity estates would not be complete without a discussion of what has been going on lately with Michael Jackson's estate. According to TMZ.com:
- Executors John Branca and John McClain have turned MJ's estate into a money-making machine. In court documents filed by Branca and McClain, they paint a bleak picture of Michael Jackson's financial affairs at the time his death - he was tens of millions in debt and "on the brink of going belly up" and he was about to lose the Encino, California home where his mother, Katherine Jackson, lived. Since Michael's death in June 2009, the executors were able to restructure the pop star's debt and use his fame and talent to generate billions in revenue, including $260,000,000 alone from the documentary "This is It." And all of this work resulted in more than $3.8 million in legal fees since Jackson's death.
- Katherine Jackson can't live on over $26,804 a month. In their court documents, executors Branca and McClain reported that among other things they have done for the Jackson family, they paid off the mortgage on the Encino home and bought Katherine Jackson a car. Aside from this, Katherine Jackson has also been receiving a $26,804 a month allowance from the estate, but apparently she wants a raise because a judge's order filed in the estate noted, "Counsel will give notice of proposed action re: adjustment to family allowance for the benefit of Katherine Jackson." Amazing, simply amazing.