Michael Jackson’s Mom, 92, Paid $1 Million Allowance By Pop Star's Estate, Daughter Paris Scores $750k For Home Construction
May 3 2023, Published 1:30 p.m. ET
Michael Jackson’s mother Katherine received nearly $1 million from her son’s estate in a 12-month span while his daughter Paris spent $750k to fix up her home during the same year, RadarOnline.com has learned.
The late pop star’s estate, run by executors John Branca and John McClain, filed an updated accounting report in court. The report, obtained by RadarOnline.com, covers the period of time from January 1, 2019, to December 31, 2019.
Branca and McClain have been in charge of Michael’s estate since his death on June 25, 2009. The beneficiaries of the estate are Michael’s three children, Prince, Paris, and Blanket.
In his will, Michael also added a provision that made sure his mother Katherine was taken care of for the rest of her life.
Branca and McClain take credit for saving Michael’s estate from the verge of collapse. They said when they started work on Michael’s affairs, the late singer was “more than $400 million in debt that encumbered Michael’s most significant assets and little or no liquidity or means to service that debt. Through creative thinking, hard work and business savvy—and, of course, Michael’s extraordinary creative legacy—the Executors transformed the MJJ Business into a profitable enterprise.”
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The filing said, “the Executors have been able to create exceptional and unique opportunities that did not exist at the time of Michael Jackson’s death to generate substantial revenues and enhance the image and legacy of Michael Jackson for the benefit of the beneficiaries of Michael’s Trust. As of December 31, 2022, the Estate generated gross earnings exceeding Two Billion Dollars.”
In the new filing, the estate revealed it was flush with cash. It pulled in over $70 million in 2019 and had over $700 million in assets. The late pop star’s estate listed property as his $4 million home in Los Angeles, another $315k condo, several Rolls Royce automobiles, a 2001 Bentley, interest in various businesses, stocks & bonds and personal property worth $12 million.
The report listed a ton of money the estate paid out for Michael’s family during the year. A large portion of the bills appear related to parties thrown by the family.
Expenses listed included DJ services, balloon designs, photobooths, cakes, and catering. Other family bills the estate paid included $80k on a private jet, $71k to a company called Altitude Luxury Experiences, and tens of thousands spent on tuition for the kids.
The family even dropped $6k at the famous Pink’s Hotdogs in LA.
The report said Katherine Jackson received $969,432 in allowance payments for the year. In addition, the executors approved Michael’s daughter spending $750k on construction for her home.
The executors said it still had issues to resolve before the case could be closed — including a nasty battle with the IRS.
As RadarOnline.com first reported, Katherine and the estate are locked in a bitter battle over a proposed deal by the executors. Branca and McClain claimed the deal would be incredibly beneficial to the Michael’s kids but Katherine had issues.
The 92-year-old testified in court but was unable to sway a judge. The court ruled the deal can move forward. However, Katherine has filed an appeal of the decision.