Jackson adviser hands over $5.5 million US to estate
Late pop star's financial legacy now believed to be worth about $500 million US
Last Updated: Saturday, July 25, 2009 | 1:01 PM ET
CBC News
Dr. Tohme Tohme, Michael Jackson's financial adviser, has handed over $5.5 million US in cash to executors of the singer's estate. He said Jackson had planned to use it to buy his "dream home" in Las Vegas. (David Zentz/Associated Press)One of Michael Jackson's financial advisers handed over $5.5 million US in cash to executors this week that the late pop star intended to use to buy his "dream home."
Dr. Tohme Tohme, who advised Jackson during the last 18 months of his life and was instrumental in saving Neverland from foreclosure, told The Associated Press that Jackson had asked him to hold the money for him in trust.
Tohme said the money came from recording residuals and that Jackson planned to use it to buy a home in Las Vegas.
He said he also turned over personal items from Neverland that could be auctioned to raise more money.
Administrators believe the estate of Michael Jackson, shown here in March announcing his live concerts in London, may be worth about $500 million US. (Joel Ryan/Associated Press)Although Jackson had large debts at the time of his death on June 25, administrators say his estate is solvent and may be worth around $500 million US.
Lawyer John Branca and music industry executive John McClain, serving as temporary administrators of Jackson's estate, are closing several deals they expect will generate "tens of millions of dollars of revenues." These include reprinting a new edition of Jackson's 1988 autobiography, Moonwalk.
According to recent court filings, they expect to submit those deals for court approval within the next week.
The filings also show a request for cash allowances for Jackson's mother, Katherine Jackson, 79, and his three children. Katherine Jackson said she needs the money to support the children, over whom she has temporary custody. She claimed she needs the money because she was financially dependent on her son when he was alive.
Jackson's will named his mother and his three children as the main beneficiaries of his estate.
On Thursday, Los Angeles Superior Court Judge Mitchell Beckloff rejected the request for the allowances, but said he would consider them at an Aug. 3 hearing.
Meanwhile, the investigation continues into the cause of Jackson's death.
With files from The Associated Press
