With questions being raised about the financial status of pop icon Michael Jackson, his estate administrators have come up with a startling disclosure that they have recovered a whopping $ 5.5 million in cash stashed away by the singer.
Estate administrators John Branca and John McClain have filed court papers disclosing that they have recovered the amount from one of Jackson’s “former financial advisers”, CNN reported quoting the filed documents.
The administrators have claimed that Jackson’s estate is solvent despite a reported debt of $ 400 million.
Branca and McClain are expected to present contracts to the court within the week that should add “tens of millions of dollars” to the ‘King of Pop’s estate, which they said is solvent and worth an estimated $ 500 million.
Lawyers for the administrators filed the papers this week asking a Los Angeles County Superior Court judge to allow them to give an undisclosed amount of monthly support payments to the singer’s mother and three children.
“The special administrators believe that the projected cash flow and the assets of the estate are more than sufficient to cover the payment of this amount as a family allowed for the benefit of the three minor children,” the documents said.
The documents did not disclose the name of the financial adviser, who had Jackson’s money or details about how it was recovered.
However some reports quoted Dr Tohme Tohme, former financial adviser and spokesperson of Jackson as saying that he was the person who turned over USD 5.5 million to the executors.
A Los Angeles County judge Mitchell Beckloff had appointed Branca and McClain — who Jackson had named as executors of his will– as special administrators of the estate until he decides if the 2002 will is valid.
Branca and McClain told the court they “have been actively and aggressively working to marshal the assets” and to “negotiate new business agreements” for the estate.
The next court hearing is set for August 3, when the judge is expected to consider the custody of Jackson’s children, Prince Michael, 12, Paris, 11, Blankett, 7, who are in the temporary custody of his mother Katherine.