There’s good news in store for Michael Jackson’s three kids-Prince, 14, Paris, 13, and Blanket, 9- and his mother Katherine,who is their legal guardian. The late singer’s children and mother will reportedly receive $30 million from the pop star’s estate:
Co-executors John Branca and John McClain are asking Los Angeles Superior Court Judge Mitchell Beckloff to sign off on the payments, which would be distributed from the $310 million in gross revenue generated through the end of last year’s posthumous releases and other business deals the two arranged after Jackson’s death in June 2009. Some of the trust’s funds would additionally go toward several charities yet to be named.
According to the petition, they are also asking the court’s permission to sell the Jackson family’s famed Encino, Calif., residence, which was appraised in 2010 at $4.15 million.
The decision to put the compound on the market was made at the behest of the Jackson matriarch, who wants the estate to purchase a replacement home in the $10 million price range for her and 14-year-old Prince, 13-year-old Paris and 9-year-old Michael Joseph Jr. (aka Blanket) to live in. The four are currently living in a leased home in Calabasas. (Source)