Saturday, July 25, 2009
It's Good to Be the King....
The administrators of Michael Jackson's estate might want to check under the mattresses for cash. The executors were just handed $5.5 million that Jackson had asked one of his financial advisors to hold for him - plus a ton of personal items that could be auctioned for big bucks.
Although it was widely believed the King of Pop was cash-poor, apparently he had some serious moolah just laying around.
Dr. Tohme Tohme, a close advisor to the music icon, said he's the one who turned over the millions listed in court documents last week."I had the money and I gave it to them. It was a secret between Michael and me," he said. He said the money came from recording residuals and Jackson planned to use it for a "dream home" in Las Vegas." He said, "Don't tell anyone about this money," Tohme recalled. "But when he passed away I told them I had this money, and I gave it to them (and there's much more where that came from)."
He said he also turned over belongings from Jackson's Neverland estate that were in storage after a planned auction was cancelled.
Although Jackson was saddled with huge debts before his death of a suspected drug overdose on June 25, administrators believe the estate will eventually be solvent.
They're cutting deals to bring in "tens of millions of dollars of revenues," recent court filings said.