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He was once one of the wealthiest singers in the history of entertainment, but when all Michael Jackson's debts were paid off, just $30m was left in his will for his family.
The executors of his estate say they will distribute the $30m to the Jackson Family Trust for the benefit of the singer's mother, his three children and charities, under the terms of the pop megastar's will.
In documents filed on Tuesday, the estate said it had generated more than $310m since his death in June 2009, enabling them to pay off dozens of debtor claims and refinance loans at lower interest rates.
Jackson, who started his singing career as a child member of the Jackson Five with his brothers, was one of the most popular singers in the world. His Thriller album stayed at number one for 37 weeks in 1982, a record only beaten by the soundtrack to West Side story.
Less than 10 years and a string of number one singles and albums later he signed a record-breaking $900m deal with Sony. It remains the biggest recording contract ever signed.
Jackson was once one of the wealthiest entertainers in the world, with an estimated fortune of more than $750m.
In 2007, the Jackson estate's assets were calculated to be worth more than $1.3bn, much of that down to his stake in the song catalogue that includes most of the Beatles' output. But his net worth, it now transpires, was a fraction of that.
However, the family will not have to completely re-adjust from a life of super-wealth. Millions of dollars are likely to be generated over the coming years from the Beatles' catalogue.
The executors said they were able to refinance and secure the estate's interest in the Michael Jackson music catalogue, Mijac, and the Sony/ATV publishing catalogue, which includes portions of the Beatles' work.
They also disclosed that his mother, Katherine Jackson, wants to sell the family's compound in Encino, California, and find a new home for her and the children.
The family has been living in a temporary home in Calabasas while the Encino property was being refurbished. A hearing for a judge's approval of the plan will be held on 28 September.
Jackson died of acute propofol intoxication after he suffered cardiac arrest at his home in Los Angeles on 25 June, 2009. He was aged 50.
A trial involving his personal physician Conrad Murray began last week. Murray pleaded not guilty to charges of involuntary manslaughter earlier this year.
Source: The Guardian/MJackson.com
