The First Inheritance Split Since Michael Jackson’s Death

The Michael Jackson Foundation has, over the two years since his death, earned net profits of more than $310 million (more than $400 million, according to Forbes). According to Michael’s will, 20% of his wealth must go to charities whose names have not been disclosed. These charities were supported by Michael during his lifetime. After his children reach the age specified in the will (31), they can decide regarding the supported charities—for example, replacing some of them with others. As you read, the King of Pop Foundation has recently announced that it will provide $30 million of its profits to Michael’s mother and children, along with several charities. This is the first split of profits among the heirs since Michael’s death. According to the Foundation, the charitable institutions that receive a share of Michael’s wealth have been pressuring them to do this for a long time. You know that Katherine Jackson, Michael’s mother, wants to sell the 40-year-old Jackson family home in Encino and has asked the Foundation for help. In a request to the court, the Foundation asked that the necessary legal steps be taken to grant Katherine Jackson permission to sell the house. The judge’s decision on this matter will be announced on September 28. In 2010, the price of the Haynehurst mansion was estimated at $4.15 million. After repairs were carried out on that home, Katherine and three of Michael’s children are now living in a house rented for $10 million. The Foundation says it has introduced homes that Katherine considers suitable for herself and Michael’s children at that price level, and ultimately one of them will be purchased by the Foundation. The Foundation’s trustees have announced that since Michael’s death they have faced a trend of increasing income and have been able to stabilize the Majec catalog and the Sony ATV catalog. The Majec catalog includes all of Michael Jackson’s songs, which are fully under his control. The Sony ATV catalog also contains nearly 750,000 songs by various artists, and its value has been estimated at more than $1 billion. Sony and Michael Jackson share the catalog on a 50-50 basis. Source: eMJey.com / AP / The Estate of Michael Jackson