Report: Michael Jackson's Trust To Split Assets Three Ways

Access Hollywood - July 3, 2009 6:13 PM PDT
Story photo: Report: Michael Jackson's Trust To Split Assets Three WaysMichael Jackson with his kids Prince and Paris in London on October 12, 2005 Getty ImagesAccess Hollywood

LOS ANGELES, Calif. -- Michael Jackson's assets will be divided between his mother and his children equally -- with the rest going to charities, according to the Associated Press.

The late singer's will omitted details of how his funds would be divided, leaving that instead to the Michael Jackson Family Trust - a document that has not been made public. However, a source familiar with the details of the trust told the Associated Press that it would be split between his mom, Katherine Jackson, who would get 40 percent, his three children, who collectively get 40 percent, and charities for children, which would get the remaining 20 percent.

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How much will be left over after the singer's considerable debts are settled remains to be seen - he is thought to have half a billion dollars in debt, though that may be outweighed by his stake in the valuable Sony/ATV publishing catalog, which includes the songs of the Beatles, among other acts. Jackson's stake is reportedly worth $1 billion - he purchased the catalog in 1985 for $47.5 million.

The singer died on Thursday, June 25, after suffering cardiac arrest. A public funeral for the star will be held on Tuesday at Staples Center in LA, with a private memorial to be held earlier that day at Forest Lawn Memorial Park.

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comments 1-10 of 36  |< newest · < newer · older > · oldest >|  hide comments · post a comment
  • fgkjs
    LOL... $99 Louis Vuitton, Chanel, Gucci, Miu Miu, Dior, Hermes, search " hkbagsonline " on google or yahoo, rank first !! ......................exact as Jessica's LV handbags here """"Jacksons story """"" h k b a g s o n l i n e . C o m"""""
    report abuseposted July 4, 2009 3:10 AM PDT
  • Asha
    mj didnt molest anybody people say anything to get money even force there kids to lie so stop sayin negative things about the man and let him rest in peace and as far as him killin himself unless u were there u dont know what happened so get a life and get some friends totalk to so u can stop repeating yourself and as for whether or not he is resting in peace those without sin cast the first stone
    report abuseposted July 3, 2009 10:10 PM PDT
  • delym
    HATERS,HATERS,HATERS,......................................................
    report abuseposted July 3, 2009 9:54 PM PDT
  • KateyT
    micheal won't be resting in peace I can assure you that! Yeah I feel sorry for any mother that lost her child so I give sypathy to the family but what about giving sympathy to the children????????????????????????????????????????????????????????????????? Maybe they can sing and dance too................
    report abuseposted July 3, 2009 8:27 PM PDT
  • CB
    Stop repeating yourself about Michael. As far as being worthless peice of (whatever you said), no one is worthless.........................If you live long enough, maybe you will learn that. Michael Jackson, in my opinion, was what he was and what he had to contend with in his life, very few of us could tolerate. Now, he is at peace, I hope. I didn't really but others did.
    report abuseposted July 3, 2009 8:25 PM PDT
  • __A_YAHOO_USER__
    I REALLY FEEL SORRY FOR YOU HATERS, LOW LIFE, ANIMALS THAT GET OFF OF TRYING TO ADD HURT TO MICHAEL'S FAMILY. MICHAEL NOW YOU CAN REST IN PEACE WITH OUT THESE EVIL DEMONS THAT WAS ONCE A HUNTING YOU. MUCH LOVE
    report abuseposted July 3, 2009 8:03 PM PDT
  • betty
    MICHAEL KILLED HIMSELF BECAUSE HE KNEW HE WAS A WORTHLESS PIECE OF %@!*#!!! HE TOOK SO MANY DRUGS TO TRY AND FORGET ABOUT ALL THE LITTLE BOYS HE MOLESTED!!
    report abuseposted July 3, 2009 7:57 PM PDT
  • betty
    MICHAEL KILLED HIMSELF BECAUSE HE KNEW HE WAS A WORTHLESS PIECE OF %@!*#!!! HE TOOK SO MANY DRUGS TO TRY AND FORGET ABOUT ALL THE LITTLE BOYS HE MOLESTED!!
    report abuseposted July 3, 2009 7:57 PM PDT
  • betty
    MICHAEL KILLED HIMSELF BECAUSE HE KNEW HE WAS A WORTHLESS PIECE OF %@!*#!!! HE TOOK SO MANY DRUGS TO TRY AND FORGET ABOUT ALL THE LITTLE BOYS HE MOLESTED!!
    report abuseposted July 3, 2009 7:56 PM PDT
  • __A_YAHOO_USER__
    AN JO GET YOUR FACT STRAIGHT. I KNOW YOU MAY HAVE BEEN MOLESTED OR INVOLVED IN INCEST BUT THAT EVERYONE ELSE HAS BEEN THERE. HE DID NOT MOLEST THOSE KIDS. ONE OF THE FATHERS SAID HE LIED TO GET MONEY. YES HE MAY HAVE TAKING SOME DRUGS BUT UNLIKE MANY AND THE WORLD MAY THINK HE HAD A REASON. PEOPLE SHOULD STOP TAKING MONEY TO SAY SOME BULL ABOUT MJ. ITS NOT BECAUSE HE WAS RICH.
    report abuseposted July 3, 2009 7:56 PM PDT
comments 1-10 of 36  |< newest · < newer · older > · oldest >| 

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