Michael Jackson's Estate Dodges 4.58 Million Dollars Creditor's Claim
The executors of Michael Jackson's estate have dodged a $4.58 million (3.05 million pound sterling) creditor's claim from the lending company behind the refinancing of the Neverland Ranch - because company bosses missed the deadline for submissions. Executives at lending firm Genesis Group International claimed they had helped Jackson secure a $45 million (30 million pound sterling) loan to prevent the California property going into foreclosure in 2007.
The late singer was alleged to have agreed to pay Genesis 10 per cent of the loan amount plus fees - but Jackson is said to have fallen behind on payments amounting to $4.58 million. Genesis bosses demanded repayment from the Jackson estate earlier this year but the executors failed to act on the notice and the lenders were expected to join the long list of creditors vying for a slice of the superstar's fortune.
But the bosses at Genesis had not filed a creditor's claim by the January deadline, leaving them ineligible to claim back the cash they're allegedly owed, reports TMZ.com. The list of creditors fighting for a stake in Jackson's assets include his former skin doctor Arnold Klein and choreographer LaVelle Smith Jr. Even his sister, Janet Jackson, and brothers Jackie, Tito, Jermaine, Marlon and Randy are reportedly listed as potential creditors.
The pop legend died a year ago on June 25.
More Michael Jackson News
- Oscars 2017: 'La La Land' Leads With 14 Nods, 7 Black Actors Are Among 20 Acting Nominees
- 'The Ring' Prank Is Too Real to Not Be Terrified. See People's Reactions
- First Look at Sebastian Stan in 'I, Tonya' Arrives as Caitlin Carver Joins the Cast
- Furious Chris Brown Hits Back at Aziz Ansari for Comparing Him to Donald Trump
- Michelle Rodriguez Is a Transgender in 'The Assignment' Trailer
- Bella Hadid Gets Frisky in Threesome Photo With Kendall Jenner and Riccardo Tisci
- Alec Baldwin Will Host 'Saturday Night Live' for the 17th Time
- Sabrina Carpenter Slays a Mash-Up of Ed Sheeran's 'Shape of You' and TLC's 'No Scrubs'