During the same hearing that granted Katherine Jackson custody of Michael's three children, the mother of the late singer withdrew her petition for control of his estate.
The Associated Press reports that when the Los Angeles Superior Court resumed its probate hearing Monday, Judge Mitchell Beckloff ruled that Jackson's longtime attorney John Branca and music executive John McClain will continue to administer the singer's estate until at least October.
The men have had control for nearly a month and have the authority to negotiate deals and transition Jackson's assets into a private trust. (Although it is unclear how much money Katherine and her grandchildren will receive in allowance from the singer's estate in the meantime, the trust designates that 40 percent of the estate goes to Katherine, 40 percent goes to the children and 20 percent goes to various charities.)
Before the existence of Jackson's will — which was drafted in 2002 — was made public by the executors, Katherine had filed her petition seeking control of the estate that is estimated to be worth $500 million. AEG, who arranged the King of Pop's "This Is It" tour also reached an agreement with Michael Jackson's estate. Co-administrator John Branca revealed that the settlement involved merchandise and rehearsal footage.
A hearing regarding the settlement, which will be sealed, has been scheduled for next Monday.
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