Monday July 27, 2009 9:24 pm

Michael Jackson’s Estate Will Negate Singer’s Debt

NeverlandThough died while still owing about $400 million in debt, court documents suggest the remainder of his estate will substantially cover this deficit. According to attorney John Branca and music executive John McClain, they are working on deals that will “generate tens of millions.”

These two have arranged for allowances to be distributed to Paris, Prince and Blanket, Michael Jackson’s three children, along with Katherine Jackson. The LA court has decided, however, to wait until the August 3 hearing (which will determine guardianship of the children) before dispensing these funds.

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