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A Los Angeles judge handed temporary control of Michael Jackson's multimillion dollar estate on Monday to a lawyer and music industry executive named as co-executors in his 2002 will.
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AP |
Lawyer John Branca and executive John McClain were named executors in a will Jackson signed in 2002 that left his estate, valued at more than $500 million, to a trust benefiting his three children, his mother, and charities.
Branca was also named as executor in a 1997 will, which was updated in 2002 after the birth of Jackson's last child, according to sources.
"I think the law compels that result. I think that Mr. Jackson had felt comfortable, at least in 2002, with these individuals," Los Angeles Superior Court Judge Mitchell Beckloff said at a hearing. Another date was set for August 3.
The judge last week had given temporary control to Jackson's mother, Katherine Jackson, before the will surfaced.
At the Monday hearing Judge Beckloff said Branca and McClain "for the next month are at the helm of the ship." If they want to enter into a contract with (Jackson concert promoter) AEG or minimize losses to the estate, "I'm more than happy to expedite" the court process to allow these to happen.
But everybody needs to be part of the process, the judge emphasized, and while Katherine Jackson's approval isn't necessary, without it, "that process will likely go longer."
He also approved attorney fees.
Even though Katherine Jackson is no longer the special administrator to her son's estate, she remains a beneficiary.
The beneficiaries — reportedly comprising Katherine Jackson, Michael Jackson's kids, and various charities — are, so far, not in dispute.
Separately, thousands of fans were picking up coveted tickets for the singer's memorial on Tuesday.
Singers Mariah Carey, Jennifer Hudson and Stevie Wonder were among entertainers expected to perform or attend the event at the Staples Center sports arena in downtown Los Angeles.
The acting mayor of Los Angeles, Jan Perry, told NBC4 television that Jackson's family would hold a private burial at the city's Forest Lawn cemetery at 8 a.m. on Tuesday — a couple of hours before the arena memorial.
About 1.6 million people registered to be among the 8,750 to receive two free tickets to the event. Successful fans lined up early on Monday to collect their tickets, although some tried to auction their vouchers on websites like eBay and Craigslist.
Both websites were swiftly removing the listings, which carried asking prices of up to $10,000.
Jackson, 50, died on June 25 of cardiac arrest. Toxicology reports, expected in about four weeks time, are pending on the precise cause of death.
-- CNBC's Jane Wells contributed to this report.
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