Michael Jackson’s Estate to Cover Debt
Posted by Sam on 30th July 2009 in Michael Jackson
Even though Michael Jackson died with a reportedly $400 million in debt, the late King of Pop is expected to be completely cleared from his debts with the money coming from his estate. The co-executors of the singer’s estate, Michael’s former attorney John Branca and music exec John McClain, say that they are in the process of wrapping up a few deals that will “generate tens of millions of dollars of revenues” for the estate. They have even set the wheels in motion for allowances to be distributed to Michael’s three young children, as well as his mother Katherine. However, Los Angeles judge has decided to wait until the guardianship hearing on August 3 to consider the allowances.