Michael Jackson's Estate in Court
The stage is being set for Michael Jackson's family to fight to gain control over his estate. Lawyers for Katherine Jackon, MJ's 79-year-old mother, and two co-executors of his 2002 will, John Branca and John McClain, are going to meet in Los Angeles Superior Court today.
Before the will's existence was revealed, the court had granted Katherine temporary control over his affairs. The will however, only gives her legal guardianship over his three children, Prince Michael Jackson Jr., Paris Michael Katherine Jackson and Prince Michael II, aka Blanket. In the will, Michael leaves his estate to the Jackson Family Trust, his kids and various charities.
His estate is valued at more than $500 million, even though at the time of his death he was reportedly $400 million in debt. He had assets that could be valued as high as $1 billion, some reports indicate, including include part ownership in a music catalog of songs from the Beatles and other recording artists.
A separate hearing involving custody of his children with ex-wife Debbie Rowe has been postponed until July 13.'); } document.cookie="access_type=1; path=/; expires=Mon, 01-Jan-2012 00:00:00 GMT"; return; } go();//-->