Estate executors file paperwork to start process.
(Photo: Mark Terrill-Pool/Getty Images)
Michael Jackson's mother, Katherine, and his three children are set to receive a large payout from the music legend’s posthumous popularity. In the two years since Jackson’s tragic death the executives at the pop star's estate have been able to turn a hefty profit and plan to share the riches.
Executors of the Estate of Michael Jackson have reportedly filed paperwork in court for the creation of the Michael Jackson Trust, which will bequeath at least $30 million to Katherine Jackson and Michael's kids, Prince, Paris and Blanket, according to TMZ.
Since his passing, the estate has managed to raise over $310 million at last count. Also being considered is the sale of the old Jackson family home in Encino, California, and possible purchase of a new property.