Katherine Jackson , mom to Michael Jackson.
Paris Jackson, left, Prince Michael Jackson and Prince Michael Jackson II appear on stage during the memorial service for Michael Jackson at the Staples Center in Los Angeles. Attorneys handling Michael Jackson's estate say they have asked a judge to approve an allowance for the singer's three children and his mother on Thursday morning July 23, 2009
Michael Jackson may have died owing an estimated $400 million, but in new court documents obtained by RadarOnline.com, the executors of the singer's estate assert there are "assets consist of real and personal property exceeding $500 million and that the estate is solvent."
Executors John Branca and John McClain also state they were successful in recovering over $5.5 million dollars in cash from a former unamed business advisor. RadarOnline.com has learned that the funds were in a personal Michael Jackson account and have been transferred to the Trust account.
The executors asked the Court to approve an allowance for Michael's mother Katherine Jackson and his three children, although the amount in blacked out in the documents.
Katherine has lived in the so-called Jackson family compound for 30 years with Michael paying all his mother's bills. The house, in L.A.'s Encino district, was owned by Michael and is now the property of his estate, which will continue to pay the mortgage and maintenance bills.
The legal documents also set the groundwork for some new Jackson family fireworks. It pointed out that "other members of Michael Jackson's extended family...have been and are currently residing in the Residence." An allowance for them has been requested as well but it is clearly a temporary move. The Executors have already put the Court -- and Michael's siblings on notice -- that they reserve the right to amend that allowance.
Attorney John Branca and music executive John McClain are serving as temporary administrators as spelled out in the King of Pop's will. The men are finishing several deals that they expect will generate "tens of millions of dollars of revenues."
They expect to submit those deals for court approval within the next week, the filings state.
The revelations were included in two motions requesting allowances for Jackson's three children and his mother, Katherine. The petitions state that Jackson was the primary source of income for his children and his mother, who receives some money from Social Security.
Katherine Jackson currently has custody of the three children, 12-year-old Michael Joseph Jr., known as Prince Michael; 11-year-old Paris Michael Katherine Jackson; and 7-year-old Prince Michael II, known as Blanket. The children and Jackson's mother are the only members of Jackson's family eligible to receive support from the estate, according to the court filings.
The monthly stipends that Branca and McClain hope to provide the Jacksons are redacted from the court records released Friday.
Los Angeles Superior Court Judge Mitchell Beckloff refused to grant the allowances on Thursday, opting instead to consider them at a hearing on Aug. 3. The judge did allow the administrators to enter into deals that will bring reprints of Michael Jackson's 1988 autobiography, "Moonwalk" back to booksellers.
Branca and McClain "believe that the projected cash flow and the assets of the estate are more than sufficient to cover the payment of this of this amount as a family allowance for the benefit of the minor children."
Jackson paid for the expenses at the Jackson family home in the San Fernando Valley, the court filings state. The administrators plan to keep that arrangement, even though some of the expenses may go to other Jackson family members who also live at the home.
Jackson's children will receive Social Security benefits, which have been applied for but payments have not yet started. Their monthly stipends from the estate may be reduced, depending on much money they receive from Social Security, the filings state.
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