Two executors have run Michael Jackson’s Estate since the popstar died in 2009, with his three children, Prince, Paris, and Blanket listed as beneficiaries. Before Jackson’s death, a provision was added to ensure Michael’s mother, Katherine, was cared for for the rest of her life.
Executors John Branca and John McClain have been credited for saving Jackson’s Estate from the verge of collapse. The singer was more than $400 million in debt when they were first hired. However, through creativity and business savvy, and Jackson’s extraordinary creative legacy, they were able to transform MJJ Business into a profitable enterprise and have generated substantial revenues to enhance the image and legacy of Michael Jackson.
As of December 31, 2022, the Estate has generated gross earnings exceeding two billion dollars. In 2019, the Estate generated $70 million and had over $700 million in assets. Other listed property includes several luxury automobiles, various properties, and interest in multiple businesses, stocks & bonds, and personal property.
Many payments made to the family in a recent accounting report appear to be related to party expenses. Expenses include DJ services, ballon designs, photobooks, cakes, and catering, including $6,000 to the famous Pink’s Hotdogs. Other expenses include $750,000 for the construction of Pari Jackson’s home.
For more information see Ryan Naumann “Michael Jackson’s Mom, 92, Paid $1 Million Allowance By Pop Star’s Estate, Daughter Paris Scores $750k For Home Construction” Radar Online, May 3, 2023.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.
https://lawprofessors.typepad.com/trusts_estates_prof/2023/05/michael-jacksons-mom-92-paid-1-million-allowance-by-pop-stars-estate-daughter-paris-scores-750k-for-.html