LOS ANGELES — The temporary administrators of Michael Jackson’s estate have recovered $5.5 million and substantial amounts of personal property from an unnamed former financial adviser, and predict that the pop icon’s estate will be solvent despite an estimated $400 million or more in debt, according to court documents released Friday.
Attorney John Branca and music executive John McClain are serving as temporary administrators as spelled out in the King of Pop’s will. The men are finishing several deals that they expect will generate “tens of millions of dollars of revenues.”
They expect to submit those deals for court approval this week, the filings state.
The revelations were included in two motions requesting allowances for Jackson’s three children and his mother, Katherine. The petitions state that Jackson was the primary source of income for his children and his mother, who receives some money from Social Security.
Katherine Jackson currently has custody of the three children, 12-year-old Michael Joseph Jr., known as Prince Michael; 11-year-old Paris Michael Katherine Jackson; and 7-year-old Prince Michael II, known as Blanket. The children and Jackson’s mother are the only members of Jackson’s family eligible to receive support from the estate, according to the court filings. Jackson’s children will receive Social Security benefits, which have been applied for but payments have not yet started.