Michael's will...who gets what?

Apparently...Mike wasn't as broke as the media was claiming.


LOS ANGELES, Calif. -- Michael Jackson's will, reportedly drafted in 2002, is said to divide his assets between his mother, three children and one or more charities.

According to The Wall Street Journal, several sources close with the pop star said a lawyer for Jackson could submit the will - which is thought to be his last - to Los Angeles Superior Court on Thursday.


The star's mother, Katherine Jackson, who was granted temporary guardianship of Jackson's three children on Monday, and husband Joe Jackson have said they believed their son died without a valid will.

"No will has been presented to family or us," L. Londell McMillan, a lawyer for Jackson's parents who also once represented the singer, said in an e-mail to the paper. "We will review any will when we see it."


Joe Jackson - who has been very vocal since his son's passing - is reportedly believed to have been left out of the 2002 will.

It is not known if the 2002 will included instructions on custody of Jackson's three children --Prince Michael, 12, Paris, 11 and Prince Michael II, 7.

The will reportedly names lawyer John Branca and music executive John McClain as executors. Branca was Jackson's primary lawyer from 1980 to 2006, and claims he wrote the 2002 will. Before his sudden death last week, the Branca claims the singer rehired him.


The King of Pop is said to have amassed approximately $500 million in debt, but that his assets could reportedly outweigh that by more than $200 million.


The most valuable part of the Jackson estate could be the singer's 50 percent stake in the Sony/ATV Music Publishing catalog, which the singer owned half of. The massive 750,000-song music catalog includes the work of the Beatles, Bob Dylan, Neil Diamond, Lady Gaga and the Jonas Brothers. The catalog is reportedly estimated to be worth upwards of $2 billion.

 

It is not surprising given the closeness of MJ and his mother. Now lets hope Mrs. Jackson hire Priscilla Presley or someone like her to build the wealth that is fit for the King of Pop.

 

That was drafted in 2002, he has leveraged almost everything. The leinholders will get it all unless his family can pay the loans which even MJ had a hard time doing. :smt102

 

I think it was Janet Jackson, she was on some little TV show here and she made a coment about MJ financial trouble. It was something like she would like to have that trouble. So it maybe it is not so bad....

 

I was wondering when this whole thing was gonna turn into a soap opera. This is usually the part where I lose interest because you begin to see "family" like they really are.:smt009

 

Janet? The grown woman who couldnt even admit she was married for how many years? Sorry, but she isnt exactly credible.

In 2008, Michaels ranch was within days of going on the auction block for missed payments when his partners in the Sony music catalog floated him an inflated short term loan. He has been juggling loans to pay off other debt for more than a few years now.

This is one of those situations where I just get tired of people trying to act like everyone is picking on him for talking about his debt. Not on the board, but just in general. Every wealthy person in the world has taken a hit pretty much, and many of the world billionaires and millionaires are gone. Yet somehow Michael was immune? Come on now...

 

I don't understand how he could be broke when he owns the beatles, Elvis and part of Eminem's and other various artist publishings or masters, which are worth multi-millions. His assets out way his debts, so yes the media is going overboard in claiming he was broke. The media is contradicting themselves. They spend 30min trying to convince everyone he is broke and then turn around and spend the last 5min saying oh but wait, he does own the beatles and Elvis's masters which are worth hundreds of milions.lol smh

 

Now he is worth more dead than alive. The assets will blow up wiping out the debt in a year or two.

 

Yea they're worth hundreds of millions but he spent hundreds of millions. He spent like crazy especially on neverland. Maintaining that park had to costs thousands to millions a year with no profit.He's like Donald Trump. Spend and leverage everything. Nothing but debt on debt.