In a recent court filing, the estate of the iconic pop star the late Michael Jackson revealed that hundreds of thousands of dollars were spent in 12 months to protect his family.
The financial statement obtained by Radar Online, covering from January 1, 2019, to December 31, 2019, was submitted by John Branca and John McClain, who act as executors.
Throughout the year, Katherine Jackson (Michael's 92-year-old mother) received almost $1 million from the estate in what they labeled an "allowance."
Notably, Paris Jackson (the singer's daughter) consented to spend up to $723k for house renovations.
Since Michael Jackson's passing on June 25, 2009, executors have managed his estate.
Entrusted with providing for all of his beneficiaries, including his three children, Prince, Paris, and Blanket, and ensuring they are taken care of, Michael had made sure to also provide for his mother in his will until her last day.
With the estate teetering on the brink of financial disaster, Branca and McClain proudly take credit for rescuing it from ruin.
A financial report released, it was revealed that an impressive earning of over two billion dollars had been generated from this estate.
Furthermore, in 2019 alone, it accrued $70 million and possessed more than 700 million assets.
Last year, various members of Katherine Jackson's family were provided financial remuneration for multiple reasons.
Katherine was given an allowance payment of $969,432, her daughter Paris earned $723k to go towards her home, and Prince was presented with $23k for constructing his residence.
Altogether, Global Entertainment Security generated a fee of $412,942.98 from Michael Jackson's Hayvenhurst property and old condo to provide security services.
Tito Jackson Jr. was reportedly paid $108k for his services as guardianship of Michael Jackson's children after Katherine became ill in 2012.
In addition, the estate listed storage fees and public relations fees to the tune of $692k and $561k, respectively.
But these pale compared to the hefty $6.5 million spent on legal costs and associated expenses.
However, Katherine's objections were ultimately overruled, as evidenced by court documents obtained from Radar Online.
The Los Angeles Superior Court judge concluded that the estate, managed by John Branca and John McClain, should proceed with their proposed deal.
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