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April 20, 2024Many people thought that Michael Jackson’s estate had already been fully settled, unfortunately, there is more legal trouble brewing around it. Recently, Michael’s mother, Katherine Jackson, requested that her late son’s estate pay her legal bills, but Michael’s son Bigi, who is Katherine’s grandson, is refusing. His argument is that she’s already been paid millions of dollars and shouldn’t receive any more compensation from the estate.
There was a hearing in Los Angeles on March 22, 2024, where Katherine asked for these bills to be paid and Bigi (who was formerly referred to as Blanket) made his case against doing that. Katherine is also appealing a previous decision of the court related to her son’s estate, where $600 million was made from selling half of Jackson’s musical catalog. That deal was with Sony and, while Katherine objected to it, a judge ruled that it could proceed.
Michael’s children didn’t object to the sale, and the goal was to take advantage of a strong market for Michael’s music and a lot of interest in purchasing the catalog. The judge in the case has been working with the Jacksons for 15 years and is close to retirement. While he encouraged the family to find a way to settle things on their own, he also acknowledged that was unlikely, and that another judge will be needed to take over the ongoing battle.
The executors of Michael’s estate have continually made the argument that Michael was near bankruptcy in 2009 when he died and that they’ve made strong financial decisions that have brought the value of the estate up to $2 billion. The business transactions used to do this include the Sony catalog sale and other opportunities that have been approved by the judge over the years.
Because of Katherine’s objections to the Sony sale and other transactions, she’s accumulated a lot of legal bills, Now, she’s filed a motion to ask the estate to pay those bills. While Bigi doesn’t object to paying reasonable costs and fees, Katherine has already received approximately $55 million from the estate.
While most people may not have the same value as Michael Jackson’s estate, it is important to understand the assets that make up your estate, so you can plan accordingly. Contact The Estate Planning & Legacy Law Center to learn more!