Just $30 million left for Jackson`s family
Los Angeles: Michael Jackson was once one of the wealthiest singers in the history of entertainment, but his family will get just $30 million after paying off his debts.
The executors of his estate say they will distribute the $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, reports guardian.co.uk.
In documents filed Tuesday, the estate said it had generated more than $310 million since Jackson`s death in June 2009, enabling them to pay off dozens of debtor claims and refinance loans at lower interest rates.
Jackson started his singing career as a child member of the Jackson Five with his brothers and became one of the most popular singers in the world. His "Thriller" stayed at number one for 37 weeks in 1982, a record only beaten by the soundtrack to `West Side Story`.
After that he released a string of singles and albums and then signed a $900 million deal with Sony, which remains the biggest recording contract ever signed.
Jackson was once one of the wealthiest entertainers in the world, with an estimated fortune of more than $750 million.
In 2007, the Jackson estate`s assets were calculated to be worth more than $1.3 billion, much of that down to his stake in the song catalogue that includes most of the Beatles` output. But his net worth, it now transpires, was a fraction of that.
According to guardian.co.uk, the family will not have to re-adjust from a life of super-wealth. Millions of dollars are likely to be generated over the coming years from the Beatles` catalogue
The executors said they were able to refinance and secure the estate`s interest in the Michael Jackson music catalogue, Mijac, and the Sony/ATV publishing catalogue, which includes portions of the Beatles` work.
They also disclosed that his mother, Katherine Jackson, wants to sell the family`s 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 Sep 28.
Jackson died of acute propofol intoxication after he suffered cardiac arrest at his home in Los Angeles on June 25, 2009. He was aged 50.
A trial involving his personal physician Conrad Murray began last week. Murray pleaded not guilty to charges of involuntary manslaughter earlier this year.