Jackson's Fortune Estimated $200 Million
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WENN.com
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Tuesday, June 30, 2009
Michael Jackson will have an estimated $200 million to leave to his heirs after his debts have been paid, according to a new report.
The King of Pop passed away on Thursday from a cardiac arrest, leaving questions about the future of his fortune and the custody of his children -- Prince Michael Jr., 12, Paris Michael Katherine, 11, and 7-year-old Prince Michael II, known as 'Blanket' -- hanging in the balance as Jackson family lawyers claimed no will exists for the star.
Progress was made on Monday when a Los Angeles court granted Katherine Jackson temporary guardianship of the children and was given the power to administer aspects of her son's estate until next week.
The ruling is in step with a 2002 drafted document uncovered by the Wall Street Journal, which left the star's estate to his mom and kids, as well as a substantial donation to charity. Noticeably absent from the document is Jackson's father, Joe, who was not listed as an heir.
The star's assets are expected to outweigh his estimated $500 million worth of debt by $200 million or more, a source tells the newspaper.
But the papers also reportedly name attorney John Branca -- recently rehired by the star after being on retainer for Jackson from 1980 to 2006 -- and music executive John McClain as executors of the estate.
The document is expected to be submitted to court as early as Thursday.
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