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BREAKING NEWS: Michael Jackson Wasn't So Broke After All

Jul. 24 2009, Published 11:00 a.m. ET

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Michael Jackson may have died owing an estimated $400 million, but in new court documents obtained by, 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. has learned that the funds were in a personal Michael Jackson account and have been transferred to the Trust account.

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Click Here For The Court Documents

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.



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