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Jacko Estate Worth Millions After All

Recovered cash can put food on family's table: executors
By Neal Colgrass,  Newser Staff
Posted Jul 24, 2009 7:50 PM CDT
Jacko Estate Worth Millions After All
Michael Jackson and his mother, Katherine, leave Santa Barbara County Superior Court in Santa Maria, Calif., after he was acquitted in his child molestation case.   (AP Photo/John G. Mabanglo, Pool)

(Newser) – Michael Jackson's estate is $5.5 million richer than previously thought and may remain solvent despite $400 million in debt, E! Online reports. Recovered from Jacko's former advisers, the cash and "tangible personal property"—along with new deals worth "tens of millions of dollars"—can pay a monthly allowance for Jackson's three children and his mother, according to a court filing today.

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Administrators of Jackson's estate filed the papers along with the allowance request, which names the singer as the main source of income for the kids and Katherine Jackson, the AP reports. She also receives checks from a Social Security pension plan. The dollar amount of the family's monthly stipend was redacted from today's court filing.
(Read more Michael Jackson stories.)

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