Members Cheap21 Posted July 25, 2012 Members Share Posted July 25, 2012 It seems kinda ridiculous that it takes $70,000 to take care of 3 kids. I hope they aren't spoiled and entitled and don't actually get to see that money. I hope Katherine is being wise with it and putting the bulk of it in a trust Link to comment Share on other sites More sharing options...
Members alphanguy74 Posted July 25, 2012 Members Share Posted July 25, 2012 Does anyone really think that Rebbie, Janet, Jermaine, and Randy have actually drugged their own mother? I don't think so. but I bet a security team that just got fired might say such a thing to try and save their sorry butts. Link to comment Share on other sites More sharing options...
Members Cheap21 Posted July 25, 2012 Members Share Posted July 25, 2012 Lmao, this drama needed to be on VH1 or Bravo I don't get why people are so surprised Latoya isn't in in this Link to comment Share on other sites More sharing options...
Members DaytimeFan Posted July 25, 2012 Members Share Posted July 25, 2012 $70,000...not so crazy. Private schools, medical insurance, mortgage payments on the Calabasas house, security, drivers, household staff...sounds about right. Jermaine and Randy are capable of ANYTHING. Link to comment Share on other sites More sharing options...
Members Cheap21 Posted July 25, 2012 Members Share Posted July 25, 2012 a week? Granted im not rich and famous but nearly $300,000 a month does seem over the top. It seems like something that can be burned through rather fast Link to comment Share on other sites More sharing options...
Members DaytimeFan Posted July 25, 2012 Members Share Posted July 25, 2012 It does and it is excessive, but it's not unheard of at all. Many of my patients went through that kind of money, the upkeep on their lives (property taxes, gardeners, maids, housekeepers, pool guys, doctor, lawyer, accountant, security) costs a lot amount of money. And this has likely all been taken into account by the courts. Keep in mind, this income is what the Michael Jackson Estate generates, it isn't principal, so even if they are burning through it, it doesn't matter. The estate is a $500 million estate. That's what Jermaine, Randy and Janet are fighting over, a chunk of the principal. Link to comment Share on other sites More sharing options...
Members ReddFoxx Posted July 25, 2012 Members Share Posted July 25, 2012 The allowance is monthly and I'm guessing it is somewhat portioned out based on expenses. Link to comment Share on other sites More sharing options...
Members Angela Posted July 26, 2012 Author Members Share Posted July 26, 2012 CNN on the allowance from the estate in 2009 (the year Michael died)... Michael Jackson's mother and his three children receive an allowance totaling more than $86,000 a month, according to court documents released Thursday. The money given them by the Michael Jackson estate is in addition to the maintenance of the home -- which is owned by the estate -- in Encino, California, where Katherine Jackson lives with her grandchildren, the papers said. The Los Angeles County judge overseeing the probate of Jackson's will ordered that the petitions for their monthly allowance be made public -- although with some details removed. Those papers were released Thursday. Katherine Jackson was granted custody of her son's three children soon after Jackson's June 25 death. She and the children were named beneficiaries, along with unnamed charities, in Jackson's 2002 will. Control of the estate's assets, however, was given to lawyer John Branca and John McClain, a former music industry executive. Jackson named them as trustees in his will. The petitions filed by Branca and McClain in July, and later approved by Judge Mitchell Beckloff, outlined $26,804 in monthly expenses for Katherine Jackson. The largest amount from that, $4,722, pays for an assistant for her. Another $3,500 each month is budgeted for clothing for Katherine Jackson, who is 79 years old. She's also given $2,000 each for a housekeeper and driver. She has a $1,500 entertainment allowance each month, the documents said. The details of the children's budget are mostly blacked out at their lawyer's request. Margaret Lodise told the judge there was concern someone could use the financial information to pose as one of the children online. She told CNN the family was aware of people posing as Jackson children with Twitter accounts. The documents did reveal the three children get a combined $60,000 a month from their father's estate. They pay $14,600 a month for salaries and payroll taxes for people who take care of them, according to the petition. Michael Jackson's children get $13,260 each month for entertainment and related expenses, the papers said. The petition estimated Michael Jackson's estate is worth at least $500 million and is growing. Major deals have been reached in the past month that are expected to add tens of millions of dollars to the estate, including a movie and music deal with Sony. A 2010 article on the worth of Jackson's estate... During his lifetime Jacko made about $500 million from his own music, concerts, videos and endorsements. His 50% ownership in Sony/ATV is worth $1 billion. You might think he was worth $1.5 billion. Not so fast. Jackson spent about $30 million per year on his lifestyle and racked up massive unpaid bills with his lawyers, and publicists. A few highlights: • $15 million to purchase the Neverland Ranch plus $5 million in annual maintenance costs • $20 million to settle a child molestation lawsuit. • $65 million on a variety of video projects, including the 35-minute film “Ghosts” that he co-wrote with Stephen King • $12 million divorce settlement with baby momma Debbie Rowe. • $5 million in annual interest payments on his debts. • Tens of millions spent on Bentleys, antiques, art, clothes, chimpanzees, diamond-encrusted gloves and other trinkets. So you can kiss the $500 million good bye. We now have to subtract the King of Pop’s outstanding debts, which are estimated to be in the range of $400 million. All in, CNW believes the Jackson estate is looking at a $600 million net worth. The pop star was notoriously naïve when it came to his finances and he had an overinflated sense of his new worth. Towards the end of his life, he entered a tailspin of financial transactions with banks, hedge funds and other shady characters in an attempt to maintain his lifestyle while staging a professional and financial comeback. What is left is a series of private deals, partnerships and debts that will keep the lawyers billing hours for years. When it’s settled, there’s a good chance that the Jackson estate will still have a decent annual income that will provide generously for Michael’s heirs. Let’s hope the superstar’s kids didn’t inherit their father’s taste for excess. This is it, kids. Just ask Paul Anka. Reuters on the state of the MJ estate according to latest public filings... Music publication Billboard estimated in 2010 that the "Thriller" singer's estate generated about $1 billion in revenue in just the first year following his death from an overdose of the surgical anesthetic propofol. According to financial documents filed recently with a Los Angeles probate judge, the estate has earned $475 million in gross profits since Jackson's death, and much of the singer's estimated $500 million debt has been paid off. Link to comment Share on other sites More sharing options...
Members DRW50 Posted July 26, 2012 Members Share Posted July 26, 2012 What is that about Paul Anka? Link to comment Share on other sites More sharing options...
Members Angela Posted July 26, 2012 Author Members Share Posted July 26, 2012 Here, you go. I had edited out the first part of that article... Michael Jackson is one of the most famous musical artists in history who had a net worth of $600 million at the time of his death in 2009. Michael Jackson’s last single, a song he wrote with Paul Anka in 1983 called This is It, was released the recently, reminding us that in show biz, the show must go on. Anka had to fight for his cut of the profits from the song; after contentious negotiations, the Jackson estate finally gave up 50% of the publishing rights. The song itself is honestly mediocre, but this is not your average posthumous release: This is It is the title track for an album and documentary that are scheduled for release in late October. The scuffle over this tune is just another day at the office for the lawyers representing the Jackson estate. Between Michael’s personal catalog of platinum records and his ownership of some of the Beatles’ most famous songs, the Jackson estate has multitudes of copyrights to protect. But just how much is this all worth? We are glad you asked. Link to comment Share on other sites More sharing options...
Members Cheap21 Posted July 26, 2012 Members Share Posted July 26, 2012 86K a month seems a bit more reasonable than 280K Link to comment Share on other sites More sharing options...
Members Angela Posted July 26, 2012 Author Members Share Posted July 26, 2012 ABC got a VIDEO interview with Katherine and her captors-kids. It was on Nightline... http://www.youtube.com/watch?v=54S5R3GmnJU Has LaToya been seen anywhere since this started? Maybe she's being held captive too. Link to comment Share on other sites More sharing options...
Members dragonflies Posted July 26, 2012 Members Share Posted July 26, 2012 Marlon Jackson5 @Marlon_Jackson Hello everyone Thank you for your support. I'm tired of not knowing where my mom is. I did speak with her last night but she didn't sound Marlon Jackson5 @Marlon_Jackson like herself. I was told by Janet, Randy and Jermaine that I could not see my mom. Doctor's order. Marlon Jackson5 @Marlon_Jackson But I see them on television with her. How come they could not call me so I could be with her as well. and then one minute ago: Marlon Jackson5 @Marlon_Jackson my mom is home she look and sound great. Link to comment Share on other sites More sharing options...
Members JackPeyton Posted July 26, 2012 Members Share Posted July 26, 2012 this is mad SHADY tbh. simething aint right here. Link to comment Share on other sites More sharing options...
Members Chris B Posted July 26, 2012 Members Share Posted July 26, 2012 Okay this is all weird. I just don't know how Janet ties in and that's throwing me off honestly. Janet and Rebbie seem sane, so why are they siding with Jermaine? We all know he's a greasy hot mess. Link to comment Share on other sites More sharing options...
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