Soon after Michael Jackson passed away on June 25, his mother Katherine Jackson was granted custody of her son's three children. Now Katherine Jackson and her three grandchildren will receive an allowance totaling more than $86,000 a month, according to court documents released Thursday. The documents further stated that the money given them by the Michael Jackson estate is in addition to the maintenance of the home in Encino, California, where Katherine Jackson lives with her grandchildren.
Katherine Jackson is given $26,804 in monthly expenses for. This hefty amount includes $4,722 for an assistant, $2,000 a month for a housekeeper and $1,500 a month for entertainment. The 79 year old Katherine Jackson even gets a $3,500 clothing allowance. Depending on how she shops, she's either going to get two pair of shoes or more clothing than the average person would need in two years.
The details of the allowance for Michael Jackson's kids are not being made public except for the fact that the three children get a combined $60,000 a month from their father's estate. Out of this, they pay $14,600 a month for salaries and payroll taxes for people who take care of them. Michael Jackson's children get $13,260 each month for entertainment and related expenses, according to the documents. That's quite a lot of entertainment for young children.
The details of the childrens' budget are mostly blacked out at their lawyer's request. There is a concern someone could use the financial information to pose as one of the children online.
At this point, Michael Jackson's estate is worth at least $500 million. There are major deals being made that are expected to add tens of millions of dollars to the estate, including a movie and music deal with Sony. It's certain that right now, Michael Jackson's mother and kids are well taken care of regardless of any more money being added to the estate.
Written by Cheryl Phillips
Providence, RI
Exclusive to HULIQ.com
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