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Executors to give $30 million to Jackson heirs
LINDA DEUTSCH
(The Associated Press)

07:14:19AM (DST) Wednesday,September 14,2011.

LOS ANGELES (AP) — Two years after Michael Jackson died deeply in debt, his estate has generated more than $310 million, enabling executors to distribute a preliminary payment of $30 million to Jackson's mother and children, and to unnamed charities, according to court documents filed Tuesday.

Executors also disclosed that Jackson's mother, Katherine, is putting the family's fabled Encino compound up for sale and wants the executors to negotiate the purchase of a new residence for her and the children, Paris, Prince and Michael Joseph Jr., known as Blanket.

The Encino property, where Jackson grew up and where several of his siblings lived in a cottage near their parents' home was appraised at $4.15 million in 2010 but has since undergone extensive renovation. Katherine Jackson and the children moved out and have been living at a leased Calabasas home that is for sale for about $10 million. The executors said Katherine Jackson has identified a number of homes in that price range that would suit her needs and that of the children.

The executors said the trust and the California attorney general's office, which is representing charities as beneficiaries of the estate, have been pressing for distribution of funds.

The executors, John Branca and John McClain, filed a detailed accounting of finances since Jackson's death on June 25, 2009. By the end of last year, the estate had produced more than $310 million in gross revenues. "Since that date, the estate assets have continued to generate additional income," the executors said.

Notably, they said they were able to refinance and secure the estate's interest in the Michael Jackson music catalog, Mijac, and the Sony/ATV publishing catalog, which includes portions of the Beatles catalog.

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