20 Feb 2014
Michael Jackson Estate spent $3 million a year on kid's education
Prince Michael, Paris and Blanket Jackson. File photo
The Michael Jackson Estate spent $3 million on his children's education in 2012, according to new court documents filed by the estate's co-executors.
The Michael Jackson Estate spent $3 million on his children's education in one year.
New financial records, filed by estate co-executors, John Branca and Johan McClain, also show bodyguards and security for the late Thriller hitmaker's mother, Katherine Jackson, and his three children, Prince Michael, 17, Paris, 15, and 11-year-old Blanket, were paid $564,301.57 in 2012.
The executors were required to submit detailed expenditure records, obtained by gossip website RadarOnline.com, for the estate while it is still in probate court.
Katherine was paid $1.386 million in allowance and also loaned more than $6 million from the estate that year, according to the documents.
The late star's children, who are cared for by Katherine in a rental house in Calabasas, California while their Hayvenhurst home is being renovated, were given $3 million to pay for their education and $10,000 for orthodontic bills.
Other costs included $154,323.53 for renovations, $12,000 for renovations on their home cinema and $35,842.05 for utility bills at the house, even though no one was living there at the time.
The estate was $500 million in debt before Michael's death in 2009 but has since earned $600 million and the executors said that while "they have made significant progress in resolving creditors' claims and pending litigation reducing the estate's debt, and solidifying and establishing the MJJ Business as a lucrative and powerful entity in the entertainment industry, the estate is not yet in the condition to be closed.
"The executors have not yet resolved all of the creditors' claims. There is litigation pending and there is an ongoing tax audit. Therefore, executors request that the time for administration of the estate be extended for one year after the court enters its' order settling the account."