MJ Estate Developments for the MJ Kids

[LeslieMJ]

Hi everyone,

I can't share much information about this - neither I have much more - , but just found some traces of the MJ Estate to make major developments lately in the name of MJ's kids.

The MJ Estate started to set up a holding structure for the kids as early as 2013, by having companies in Nevada, Delaware and California to hold various properties. My assumption is that these companies will replace the old companies once the estate is dissolved and the kids will take over the control of MJ's estate.

Then they acquired 4 real estate properties (besides the new family mansion in Calabasas that was purchased in 2012 for about 12M USD):
Las Vegas 2016 for 840,000 USD
California 2017 for $2,028,779
California 2017 for $2,652,000
California 2019 for $2,368,990

The companies' name holding these interests have a nice reference to the company MJ set up back in 2007 to buy his "Wonderland" in Las Vegas. Also it looks for me that each property is used by one kid.

And just before the pandemic they have established five new holding entities for the kids to hold various intellectual properties (probably investments, shares?).

 

[mjcollector1983]

When will they be taking over? Hopefully they will do a better job than the people currently in control

 

[elusive moonwalker]

Thanks leslie

 

[CherubimII]

That's a great informative find. Thanks for sharing. opcorn:

Hi everyone,

I can't share much information about this - neither I have much more - , but just found some traces of the MJ Estate to make major developments lately in the name of MJ's kids.

The MJ Estate started to set up a holding structure for the kids as early as 2013, by having companies in Nevada, Delaware and California to hold various properties. My assumption is that these companies will replace the old companies once the estate is dissolved and the kids will take over the control of MJ's estate.

Then they acquired 4 real estate properties (besides the new family mansion in Calabasas that was purchased in 2012 for about 12M USD):
Las Vegas 2016 for 840,000 USD
California 2017 for $2,028,779
California 2017 for $2,652,000
California 2019 for $2,368,990

The companies' name holding these interests have a nice reference to the company MJ set up back in 2007 to buy his "Wonderland" in Las Vegas. Also it looks for me that each property is used by one kid.

And just before the pandemic they have established five new holding entities for the kids to hold various intellectual properties (probably investments, shares?).

 

[somewhereinthedark]

Thanks for posting this info.

 

[NatureCriminal7896]

I think you're right. I read somewhere by the time their 25 they will have the rights. Prince is 23 we got about 2 more years before he turns 25. I don't know for sure if this true but i'm going by your post and someone else said.

 

[myosotis]

I think you're right. I read somewhere by the time their 25 they will have the rights. Prince is 23 we got about 2 more years before he turns 25. I don't know for sure if this true but i'm going by your post and someone else said.

Not exactly...

The children's shares will be held in separate trusts also with John Branca and John McClain serving as co-trustees.
Until each child reaches 21, distributions are left to the complete discretion of the co-trustees.
At 21, each child will receive all of the net income from their own trust and principal if the co-trustees determine that the net income is not sufficient to provide for the child's "reasonable care, support, maintenance, and education."
Each child will receive one-third of the remaining trust principal outright at 30, another one-half outright at 35, and the remaining balance outright at 40.
In addition, the co-trustees are given the discretion to accelerate principal distributions if a child is in need of funds to buy a home, start a family, or start a business.

 

[NatureCriminal7896]

so yeah that person was right.