MJ Estate third accounting and other finances

Status
Not open for further replies.

Tammy86

Proud Member
Joined
Apr 17, 2013
Messages
47
Points
8
Location
Tennessee
Does anyone know if the mj estate third accouting documents have been released? what about all of these rumors over the years that Michael was broke or spending way beyond his means. Are there any documents to prove that he was spending too much or was all of this a bunch of bull crap?
 
Re: MJ third accounting and other finances

Does anyone know if the mj estate third accouting documents have been released? what about all of these rumors over the years that Michael was broke or spending way beyond his means. Are there any documents to prove that he was spending too much or was all of this a bunch of bull crap?


It is clear that Michael Jackson was still a very wealthy man when he died, BUT his finances were in a mess after years of mismanagement. He had clearly been borrowing more and more without giving enough consideration for how he was going to pay it all back. To make matters worse the loan rates were terrible and way above what a responsible person would accept without moving the loan elsewhere - something the MJ Estate did very quickly after gaining control.
Although he was still 'asset rich' he was 'cash poor' and struggling to make ends meet on a day to day basis, which is why he needed to seek advances from AEG. It is possible that the TII shows could have helped to rectify his financial situation in the short term, but for long term resolution he would have needed to hire a competent financial advisor to sort his mess out otherwise his position was only going to get worse IMO.
In his peak Michael Jackson had a great team of advisors but in his last 15 years he hired a bunch of woefully inadequate representatives who were ineffective or only made matters worse for him, and I'm not just talking about finances here. Why he didn't hire reputable firms I'll never understand.



As for 3rd accounting, wasn't there a court hearing or some kind of deadline set for December this year? I'd be very interested to see how things are progressing.
 
Last edited:
Re: MJ third accounting and other finances

It is clear that Michael Jackson was still a very wealthy man when he died, BUT his finances were in a mess after years of mismanagement. He had clearly been borrowing more and more without giving enough consideration for how he was going to pay it all back. To make matters worse the loan rates were terrible and way above what a responsible person would accept without moving the loan elsewhere - something the MJ Estate did very quickly after gaining control.
Although he was still 'asset rich' he was 'cash poor' and struggling to make ends meet on a day to day basis, which is why he needed to seek advances from AEG. It is possible that the TII shows could have helped to rectify his financial situation in the short term, but for long term resolution he would have needed to hire a competent financial advisor to sort his mess out otherwise his position was only going to get worse IMO.
In his peak Michael Jackson had a great team of advisors but in his last 15 years he hired a bunch of woefully inadequate representatives who were ineffective or only made matters worse for him, and I'm not just talking about finances here. Why he didn't hire reputable firms I'll never understand.

His long-term accountant Barry Siegel was fired when he wrote a letter telling MJ his financial situation was dire--this was in Feb 03 around the time of the Bashir interview (Branca was fired too).

I think MJ got to a level of distrust that made it hard to believe anyone. One thing that was sad was how he did not even want a maid to clean his bedroom at Carolwood and that was no doubt b/c of what his NL maids ended up doing to him (think Blanca Francia, etc).
 
Re: MJ third accounting and other finances

As for 3rd accounting, wasn't there a court hearing or some kind of deadline set for December this year? I'd be very interested to see how things are progressing.

Correct but there's an extension request. I'll let you know when the accounting is available and we will certainly try to get it
 
Re: MJ third accounting and other finances

Thanks Ivy, do you know what extension was requested? 1month? 3 months? I'm impatient :)
 
Re: MJ third accounting and other finances

Thanks Ivy, do you know what extension was requested? 1month? 3 months? I'm impatient :)

sorry no idea. probate documents aren't scanned and put into the online court system so I don't have any details. The only thing I can see is the names of the documents filed. We'll be able to see when the third accounting is filed with the court and then Windy09 goes to the courthouse and makes a in person request for a copy of it. That's how we got the second accounting and that's the plan for how to get the third one.
 
Re: MJ third accounting and other finances

Thanks for the info Ivy, I appreciate it your help.
 
Re: MJ third accounting and other finances

sorry no idea. probate documents aren't scanned and put into the online court system so I don't have any details. The only thing I can see is the names of the documents filed. We'll be able to see when the third accounting is filed with the court and then Windy09 goes to the courthouse and makes a in person request for a copy of it. That's how we got the second accounting and that's the plan for how to get the third one.

Where can I try to find these documents? I went to scribd.com and looked for them, but nothing was found.
 
Re: MJ third accounting and other finances

I think this is the new date for 3rd accounting
03/26/2014 at 08:30 am in department 5 at 111 North Hill Street, Los Angeles, CA 90012
ACCOUNT CURRENT & FEES

They had a hearing earlier this month as why accounting wasn't filed and seemingly the date is set (am I right Ivy?)
 
Re: MJ third accounting and other finances

The 3rd accounting report was filed last friday
 
Re: MJ third accounting and other finances

^^ I thought it was a hearing about why executors didn't file it when it was supposed to?

So if you are right and it was filed last friday, we (Ivy:)) should be able to get it next week?
 
At the time of Michael Jackson‘s death in 2009, the singer was $500 million in debt, but court documents reveal that three years later, the estate had generated more than $600 million and his mother Katherine had received $1.3 million in her yearly allowance and a $6 million loan.
Court documents — filed by estate executors and obtained exclusively by RadarOnline.com – expose the financial windfall that has been generated since his tragic death and provides insights as to the cost of raising the King of Pop’s three kids.
In 2012, according to financial records reviewed by Radar, the estate paid $564,301.57 for bodyguards and security for Katherine and her three grandchildren, Prince Michael, Paris andBlanket. (Radar has chosen not to disclose the names of the companies, due to privacy concerns.)
The matriarch of the Jackson family, 83, was paid $1.386 million in allowance from her late son’s estate in 2012 and was also loaned more than $6 million from the estate, which also doled out more than $3 million in allowance to Michael’s three children for education and $10,000 in orthodontics.
The family has been living in a $26,000 rental house in Calabasas, while the Hayvenhurst house continues to be renovated.
The monthly electric bill for the Calabasas mansion is $2,500 and the cost for living (including utilities) in the rental for in 2012 was $418,013.69.
Renovations for the Encino mansion were $154,323.53 in 2012, including a $12,000 home theater renovation project, $3,225 studio repair and pond keeper services for $814.43.
Even though no one was living at the house in 2012, utilities including phone, gas, and electricity totaled $35,842.05. Storage and moving fees for 2012 added up to a whopping $806,872.52.
The co-executors, John Branca and John McClain, under the law in California, are required to submit detailed financial records of the execution of Michael Jackson’s estate while it’s still in probate court.
The executors reveal that “they have made significant progress in resolving creditors’ claims and pending litigation reducing the estate’s debt, and solidifying and establishing the MJJ Business as a lucrative and powerful entity in the entertainment industry, the estate is not yet in the condition to be closed.
“The executors have not yet resolved all of the creditors’ claims. There is litigation pending and there is an ongoing tax audit. Therefore, executors request that the time for administration of the estate be extended for one year after the court enters its’ order settling the account.”
At the time of Michael’s death, he was named in more than half a dozen lawsuits, and 65 creditors’ claims were filed after he died.
There are “currently seven active litigation matters in the United States which the executors and their legal team are defending. All other litigation has been resolved favorably for the estate either by court disposition or settlement for less than the amount demanded,” the court docs state.

http://radaronline.com/exclusives/2014/02/michael-jackson-money-estate-worth-million-katherine/
 
Re: MJ third accounting and other finances

Even though no one was living at the house in 2012, utilities including phone, gas, and electricity totaled $35,842.05. Storage and moving fees for 2012 added up to a whopping $806,872.52.

Gosh the house for the dog costs quite a lot, Kenya better cut back on those premium number calls.
 
marc_vivien;3962557 said:
At the time of Michael Jackson‘s death in 2009, the singer was $500 million in debt, but court documents reveal that three years later, the estate had generated more than $600 million and his mother Katherine had received $1.3 million in her yearly allowance and a $6 million loan.
Court documents — filed by estate executors and obtained exclusively by RadarOnline.com – expose the financial windfall that has been generated since his tragic death and provides insights as to the cost of raising the King of Pop’s three kids.
In 2012, according to financial records reviewed by Radar, the estate paid $564,301.57 for bodyguards and security for Katherine and her three grandchildren, Prince Michael, Paris andBlanket. (Radar has chosen not to disclose the names of the companies, due to privacy concerns.)
The matriarch of the Jackson family, 83, was paid $1.386 million in allowance from her late son’s estate in 2012 and was also loaned more than $6 million from the estate, which also doled out more than $3 million in allowance to Michael’s three children for education and $10,000 in orthodontics.
The family has been living in a $26,000 rental house in Calabasas, while the Hayvenhurst house continues to be renovated.
The monthly electric bill for the Calabasas mansion is $2,500 and the cost for living (including utilities) in the rental for in 2012 was $418,013.69.
Renovations for the Encino mansion were $154,323.53 in 2012, including a $12,000 home theater renovation project, $3,225 studio repair and pond keeper services for $814.43.
Even though no one was living at the house in 2012, utilities including phone, gas, and electricity totaled $35,842.05. Storage and moving fees for 2012 added up to a whopping $806,872.52.
The co-executors, John Branca and John McClain, under the law in California, are required to submit detailed financial records of the execution of Michael Jackson’s estate while it’s still in probate court.
The executors reveal that “they have made significant progress in resolving creditors’ claims and pending litigation reducing the estate’s debt, and solidifying and establishing the MJJ Business as a lucrative and powerful entity in the entertainment industry, the estate is not yet in the condition to be closed.
“The executors have not yet resolved all of the creditors’ claims. There is litigation pending and there is an ongoing tax audit. Therefore, executors request that the time for administration of the estate be extended for one year after the court enters its’ order settling the account.”
At the time of Michael’s death, he was named in more than half a dozen lawsuits, and 65 creditors’ claims were filed after he died.
There are “currently seven active litigation matters in the United States which the executors and their legal team are defending. All other litigation has been resolved favorably for the estate either by court disposition or settlement for less than the amount demanded,” the court docs state.

http://radaronline.com/exclusives/2014/02/michael-jackson-money-estate-worth-million-katherine/


this is the second accounting , right ?
 
marc_vivien;3962557 said:
The matriarch of the Jackson family, 83, was paid $1.386 million in allowance from her late son’s estate in 2012 and was also loaned more than $6 million from the estate, which also doled out more than $3 million in allowance to Michael’s three children for education and $10,000 in orthodontics.

and she has the nerve to ask fans for donations.
 
Re: MJ third accounting and other finances

There is no single word about 2013 , how come?
 
It's the third accounting which was filed with the court last friday (Feb 14). We are trying to organize to get it from the court.

Second accounting was filed July 2012 but covered November 2010 – December 2011 period. So as you can see it is quite delayed. Third accounting is supposed to start from January 2012. I'm not sure if it would be 12 months or longer but it definitely won't have the full 2013 in it.
 
Re: MJ third accounting and other finances

The family has been living in a $26,000 rental house in Calabasas, while the Hayvenhurst house continues to be renovated.
The monthly electric bill for the Calabasas mansion is $2,500 and the cost for living (including utilities) in the rental for in 2012 was $418,013.69.
Renovations for the Encino mansion were $154,323.53 in 2012, including a $12,000 home theater renovation project, $3,225 studio repair and pond keeper services for $814.43.
Even though no one was living at the house in 2012, utilities including phone, gas, and electricity totaled $35,842.05. Storage and moving fees for 2012 added up to a whopping $806,872.52.
url]http://radaronline.com/exclusives/2014/02/michael-jackson-money-estate-worth-million-katherine/[/url]

Gosh the house for the dog costs quite a lot, Kenya better cut back on those premium number calls.

I recall hearing/reading somewhere that Joe and Majestic (and probably other Jacksons as well as Kenya) were staying at Hayvenhurst, even though it is/was undergoing renovation. I always suspected that Katherine moving PP& B to the new Calabasas house while maintaining/renovating Hayvenhurst was a way to keep having MJ's money being used to pay for the housing of people other than Katherine & PPB, much like he always did.
 
Re: MJ third accounting and other finances

I recall hearing/reading somewhere that Joe and Majestic (and probably other Jacksons as well as Kenya) were staying at Hayvenhurst, even though it is/was undergoing renovation. I always suspected that Katherine moving PP& B to the new Calabasas house while maintaining/renovating Hayvenhurst was a way to keep having MJ's money being used to pay for the housing of people other than Katherine & PPB, much like he always did.

Yes, I heard that too, and I agree with you. It's probably all done under the guise of 'someone has to look after the dog'! I know it's none of my business but Kenya being left behind is a real sore spot with me.
 
Re: MJ third accounting and other finances

this is the second accounting , right ?

I thought so too because in second accounting there were loans to KJ (Total loans to Katherine $ 6,560,000)
and this accounting says she got loans more than 6 million. For an elderly woman, she most certainly knows how to burn over 12 million in few years. I would like to know how she has arranged to payback those loans or was she hoping to get that money from AEG?

I would love to see that the executors are starting to give the 20% to the charity which is what Michael wanted.
He did not want to support his useless brothers, and is obvious KJ is funneling money to them.

Ivy or somebody who knows how this thingy works. By Michael's will, he stated KJ 40%, PPB 40% and children's charity 20%. When the charity is going to see their share as they are beneficiaries as much KJ and PPB?
So far only kids and KJ are receiving monies, but nothing for charity?
 
LastTear;3962677 said:
Yes, I heard that too, and I agree with you. It's probably all done under the guise of 'someone has to look after the dog'! I know it's none of my business but Kenya being left behind is a real sore spot with me.

I saw a photo of Prince in Havenhurst hugging Kenya, so hopefully next year when he is 18, he moves there and take Blanket and Paris with him.

-------------------------------

Worth repeating:)
“The executors have not yet resolved all of the creditors’ claims. There is litigation pending and there is an ongoing tax audit. Therefore, executors request that the time for administration of the estate be extended for one year after the court enters its’ order settling the account.”
 
Last edited:
Bubs;3962679 said:
I saw a photo of Prince in Havenhurst hugging Kenya, so hopefully next year when he is 18, he moves there and take Blanket and Paris with him.

-------------------------------

Worth repeating:)
“The executors have not yet resolved all of the creditors’ claims. There is litigation pending and there is an ongoing tax audit. Therefore, executors request that the time for administration of the estate be extended for one year after the court enters its’ order settling the account.”

Ya'll are putting awfully lot of pressure on a 18 year old.
I highly doubt he wants to move out and take care of his teenaged aiblings at merely 18. I am 23 but I wouldnt want to take care of my teenaged siblings.


He will most probably get into college and move into a dorm or a single apartment of his own, IF even that.
 
Re: MJ third accounting and other finances

so Katherine got a second loan from the estate? wow
 
Soundmind;3962724 said:
so Katherine got a second loan from the estate? wow

Seemingly, and I wonder why it was nearly the same amount as the previous "loan"?
She paid her debt to Segye Times, so I was wondering who else in the family had debt that KJ needed to pay it?
KJ's attorneys and other costs are paid by estate separately so that money didn't go to pay them.

It breaks my heart to think what Michael wanted to do with his money, and how this part of his wish is not being pursued:
"MJ: Elvis didn’t do it. Beatles didn’t do it. We have to be phenomenal, when people leave this show, when people leave my show, I want them to say, “I’ve never seen nothing like this in my life. Go. Go. I’ve never seen nothing like this. Go. It’s amazing. He’s the greatest entertainer in the world.” I’m taking that money, a million children, children’s hospital, the biggest in the world, Michael Jackson’s Children’s Hospital. Gonna have a movie theater, game room. Children are depressed. The – in those hospitals, no game room, no movie theater. They’re sick because they’re depressed. Their mind is depressing them. I want to give them that. I care about them, them angels. God wants me to do it."

The estate needs to stop giving loans to KJ and start putting money to Michael Jackson children's hospital or at least build a new ward in existing children's hospital.




Btw, I was looking the second accounting and there was this: "Hayvenhurst is stated that “it will be maintained long term for the benefit of the family”. Renovations are still ongoing."

Somebody in the family most certainly is using that benefit for "family".
 
Last edited:
Re: MJ third accounting and other finances

Seemingly, and I wonder why it was nearly the same amount as the previous "loan"?
".

I think it`s the same loan. Didn`t she become it end of 2012? So it wasn`t in the second accounting.
 
We have been reminded several times that the estate wont start paying into the charity until all debts are paid. I also think its very presumptuous to tell the Estate what they should do and who and what they should pay and how they should manage this vast Empire. lol
 
I'm happy to inform that we are getting the third accounting today and details - summary first - will be posted this afternoon in a few hours. PDF file of the accounting will follow within 24 hrs. I'll be closing this thread and starting a new thread at the "news and happenings" section as we always do for the accounting threads to increase public availability of the info.
 
Status
Not open for further replies.
Back
Top