Revealed: Court Filings Detail How The Michael Jackson Estate Is $pending Its Fortune — Kids Receive $3M Allowance, Katherine $1.3M (Plus A $6M Loan) & $500K For Their Bodyguards!
At the time of Michael Jackson's death in 2009, the singer was $500 million in debt, but court documents reveal that three years later, the estate had generated more than $600 million and his mother Katherine had received $1.3 million in her yearly allowance and a $6 million loan.
Court documents -- filed by estate executors and obtained exclusively by RadarOnline.com -- expose the financial windfall that has been generated since his tragic death and provides insights as to the cost of raising the King of Pop's three kids.
In 2012, according to financial records reviewed by RadarOnline.com, the estate paid $564,301.57 for bodyguards and security for Katherine and her three grandchildren, Prince Michael, Paris and Blanket. (RadarOnline.com has chosen not to disclose the names of the companies, due to privacy concerns.)
The matriarch of the Jackson family, 83, was paid $1.386 million in allowance from her late son's estate in 2012 and was also loaned more than $6 million from the estate, which also doled out more than $3 million in allowance to Michael's three children for education and $10,000 in orthodontics.
The family has been living in a $26,000 rental house in Calabasas, while the Hayvenhurst house continues to be renovated.
The monthly electric bill for the Calabasas mansion is $2,500 and the cost for living (including utilities) in the rental for in 2012 was $418,013.69.
Renovations for the Encino mansion were $154,323.53 in 2012, including a $12,000 home theater renovation project, $3,225 studio repair and pond keeper services for $814.43.
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Even though no one was living at the house in 2012, utilities including phone, gas, and electricity totaled $35,842.05. Storage and moving fees for 2012 added up to a whopping $806,872.52.
The co-executors, John Branca and John McClain, under the law in California, are required to submit detailed financial records of the execution of Michael Jackson's estate while it's still in probate court.
The executors reveal that "they have made significant progress in resolving creditors' claims and pending litigation reducing the estate's debt, and solidifying and establishing the MJJ Business as a lucrative and powerful entity in the entertainment industry, the estate is not yet in the condition to be closed.
"The executors have not yet resolved all of the creditors' claims. There is litigation pending and there is an ongoing tax audit. Therefore, executors request that the time for administration of the estate be extended for one year after the court enters its' order settling the account."
At the time of Michael's death, he was named in more than half a dozen lawsuits, and 65 creditors' claims were filed after he died.
There are "currently seven active litigation matters in the United States which the executors and their legal team are defending. All other litigation has been resolved favorably for the estate either by court disposition or settlement for less than the amount demanded," the court docs state.