Court OK Sought to Sell Jackson Compound in Encino

City News Service

The executors of Michael Jackson's estate sought the court's permission Tuesday to fund the Michael Jackson Trust with $30 million for the benefit of the late singer's mother and his three children. They also requested permission to sell the longtime in Encino.   

Co-executors John Branca and John McClain need Los Angeles Superior Court Judge Mitchell Beckloff's permission to fund the trust and dispose of the Hayvenhurst Avenue residence.

A hearing is scheduled for Sept. 28.   

The estate generated more than $310 million in gross revenues as of Dec. 31, according to the executors.   

“Since that date, the estate assets have continued to generate additional income,” and most of the estate's important creditor claims have been resolved, paid or disposed of, according to the trust-funding petition.   

The executors also have refinanced loans securing the estate's interest in Jackson's music catalog, Mijac, and Sony/ATV's publishing catalog, at significantly lower interest rates on terms more favorable to the estate, the petition says.   

The other petition regarding the Encino home states that family matriarch Katherine Jackson “has requested that the executors sell the Hayvenhurst property and purchase another residence as a replacement for … Mrs. Jackson and the children to live in.”

The petition says “has identified several potential replacement residences for this purpose,” to be funded by the estate.   

According to TMZ, she and her late son's children are living in a Calabasas home and want to remain there.   

Jackson died on June 25, 2009, at age 50.   

His personal physician, Dr. Conrad Murray, is charged with involuntary manslaughter in the pop star's death. Murray is accused of administering propofol, a powerful anesthetic, to Jackson to help him fall asleep, then failing to properly monitor him.   

Jackson died while he was in Los Angeles preparing for a series of sold-out London concerts.   

Opening statements in Murray's trial are tentatively set to begin Sept. 27, according to City News Service.