Michael Jackson's mother loses control of will
Updated on 06 July 2009
A judge has handed temporary control of Michael Jackson's multimillion-dollar estate from his mother to the co-executors of his 2002 will.
Lawyer John Branca and music industry executive John McClain were named executors in a will that left his estate, valued at more than $500 million (£307m), to a trust benefiting his three children, his mother and charities.
The judge last week gave temporary control to Jackson's mother, Katherine Jackson, before the will surfaced.
But with the 2002 document now filed in court, Los Angeles Superior Court Judge Mitchell Beckloff said "the law compels" that he put the executors in charge.
Mr Beckloff set another court hearing for August 3 to review the case, and said Mr Branca and Mr McClain must keep 79-year-old Katherine Jackson apprised of their dealings.
"We are relatively pleased with Judge Beckloff's ruling this morning. He's taken the unusual step of requiring that Ms. Jackson be kept informed of the administration of his estate in this preliminary phase," said Burt Levitch, an attorney for Katherine Jackson.
An attorney for Mr Branca and Mr McClain said they would carry out the pop star's wishes and maximize his estate's value.
The value remains an open question. Although the 2002 will valued Michael Jackson's holdings at more than $500 million, the 50-year-old singer was reported to be as much as $500 million in debt when he died of cardiac arrest on June 25.
Jackson owned one-half of Sony-ATV, which controls a music catalogue which includes songs from The Beatles and other artists and has been valued as high as $1 billion.
Jackson also owned a company that controlled the rights to music he recorded during his solo career, and its value is expected to rise over time.
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