Estate Lends Katherine $6 Million
According to an order entered in court today, Michael’s Estate has just lent his mother, Katherine, six million dollars, to pay off a debt to a South Korean newspaper.
Seventeen years ago Katherine Jackson promised that the Jacksons, including Michael, would perform a concert in South Korea, for which she was paid a substantial sum. When the concert did not happen the newspaper filed a lawsuit and won a judgment against Katherine for four million dollars, which has now risen to fourteen million dollars with interest. Katherine’s attorneys and the newspaper have settled on a figure of six million dollars.
The Estate has given her the money, but with the condition that she repays the entire amount within one year, at an interest rate of 0.16%.
Source: TMZ & MJWN