It has been days since the King of Pop, Michael Jackson, has passed away, and the future surrounding the estate of his fortune remains a mystery.
What is known is the fate of his children. In a statement to the Associated Press, Mr. Jackson’s mother, Katherine, was granted temporary guardianship of the three Jackson children by Los Angeles Superior Court Judge Mitchell Beckloff earlier this morning. This action is the first step by the Jackson family in order to secure the stability of the youngsters. An official determination of the guardian status will be held later in the summer on August 3.
The division of Mr. Jackson’s property and finances are most likely headed for probate unless an official will is presented soon. Probate is a legal process for heirs like Jackson’s children to obtain the title to the properties entitled to them by law. Without a specified will it shall be the court’s judgment as to how everything will be settled, not the wishes of the departed. The first consideration will be for his children and immediate family. Yet this complicates things further as Mr. Jackson’s mounting debts are suspected to be in the approximate range of $400 million dollars.
There are many details in need of resolution where Jackson’s finances are concerned currently. Despite the recent sale of The Neverland Ranch and its items, which were auctioned out, the high-end lifestyle of the icon continued to eat away at his bank account, especially with his last residence which cost $100,000 per month. The recent explosive sellout of Mr. Jackson’s discography may just change everything. While ticket sellers for Jackson’s now defunct British concert tour are assuring buyers proper refunds, all other merchandising of the icon remains at an all time high. Again, who stands to inherit the bulk? Since the news of Katherine Jackson’s guardianship of her grandchildren, members of the Associated Press recently noted the Jackson Matriarch has also filed to serve as an administrator of Michael Jackson’s estate to secure his three children future entitlements. So whatever benefits remain from clearing current debts will go towards the children. Deborah Rowe, the mother to two of Mr.Jackson’s children, has not disputed any course of actions thus far.
The pop star’s investments are famous, such as the partial ownership of The Beatles musical catalog which is at an estimate worth of almost half a billion dollars, and another investment of Mr. Jackson includes shares of Sony which is also valued at a high figures as well. Yet what seems like a windfall of money becomes shadowed by the immense costs for lawyers fees and settlements which Mr. Jackson made several years ago during his child molestation trial. While the singer has been acquitted of all charges the firestorm of attacks to his image cost the singer a slump in sales, and seclusion.
However, the current status of his brand name and sales generates a comeback not seen since the 80s during his “Thriller” days. The comeback which Mr. Jackson sought for the summer has manifested in a different way. It seems though his death, the unanswered questions to the controversies of his life, Mr. Jackson will become financially as much of a brand as Elvis, Marilyn Monroe, and James Dean.
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