Report: Michael Jackson's Trust To Split Assets Three Ways
Updated 5:00 PM EST, Fri, Jul 3, 2009
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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MORE ACCESS ON THESE TOPICS: Michael Jackson - Deaths - Parenthood - Music - Celebrities
Copyright Access Hollywood
First Published: Jul 3, 2009 3:45 PM EST
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