NEWS UPDATE: Katherine *ISN'T* selling Hayvenhurst, the Jackson family home since 1970.
A huge development in the Michael Jackson Estate case. The Executors have done so well making money for the Estate since Jackson died, they want to fund the Michael Jackson Trust to the tune of $30 million for the benefit of Katherine Jackson and Michael's 3 kids.
TMZ has obtained court documents in which co-Executors John Branca and John McClain are asking the court's permission to fund the trust. According to the docs, the Estate generated more than $310 million in gross revenues as of December 31, 2010 -- that's the latest accounting.
In addition to funding the trust, the Executors are asking the court's permission to sell the longtime family home on Hayvenhurst Avenue in Encino, CA. According to the docs, Katherine wants to sell the house and, although no price is mentioned, the property was valued at $4,150,000 when Michael died.
The docs say Katherine wants the Estate to purchase another home and she's eying several properties, but we're told the home she really wants is the Calabasas house in which she and the kids are currently living.
This makes me really sad actually... Katherine and the entire family have owned that house since 1970, Michael grew up there and transformed it into his dream home before he bought Neverland. Michael would have written some of his greatest songs in that home. He said in 'Moonwalk' that he had thought up the Billie Jean routine for Motown 25 in the kitchen of the Encino home.
It feels like the end of something.
Jermaine Jackson has dismissed the rumour of the selling of Hayvenhurst - Katherine will not sell the home!!!!
''RE HAYVENHURST: Mother has NOT expressed a wish for it to be sold. She has no idea about such a thing. It will not be sold." Jermaine Jackson's Twitter Feed +
''We have no idea who or what lies behind the initial report on AP. All we know is that Mother will not be selling Hayvenhurst" Jermaine Jackson's Twitter Feed continued.
It was just a rumour, thank goodness!