Michael Jackson's Family Asks for $30 Million Trust Fund

It was revealed in a report from Reuters yesterday that the executors of the late Michael Jackson’s estate have submitted a request to the Los Angeles Superior Court to have $30 million be set aside from the estate for its beneficiaries.

The beneficiaries Jackson named are his mother Katherine, 81, and his three kids Prince, 14, Paris, 13, and Blanket, 9. The court hearing will take place Sept. 28.

Jackson’s mom has also stated she’s looking to move away from Encino, Calif., and has thereby requested to sell their vast Hayvenhurst Estate home and buy a more modest apartment replacement home.

Jackson was almost $400 million in debt when he died two years ago. However, those working in his estate have helped to reduce that number by $159 million and have also reported an gross revenue increase of $310 million as of the end of 2010.

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