Court approves $600-million sale of Michael Jackson music to Sony
A Los Angeles appeals court has denied an attempt by Michael Jackson’s mother to prevent the singer’s estate from selling a portion of his songs to Sony Music Group for about $600 million.
The appeals court on Wednesday upheld a prior ruling by a probate court that Katherine Jackson’s objections to the transaction do not hold water.
The appeals court determined that Michael Jackson’s will grants the musician’s executors “broad powers to buy and sell estate assets in the estate’s best interests” while stipulating that “all of the estate’s assets will be distributed to the trust” — of which the performer’s mother and children are beneficiaries.
Katherine Jackson had tried to argue that those provisions were contradictory, but the appeals court disagreed.
The appeals court also rejected Katherine Jackson’s challenge on grounds that she “forfeited her contention that the proposed transaction violates the terms of Michael’s will because she did not make that contention” in a lower court.
A Los Angeles judge has ruled in favor of the late singer’s estate in a long-running tax dispute with the IRS.
According to court documents, Katherine Jackson had previously complained that selling assets from Michael Jackson’s catalog would violate her son’s wishes, but acknowledged that executors had the power to do so. The appeals court also noted that Katherine Jackson was the only family member and beneficiary of the trust to formally object to the sale.
An attorney for Katherine Jackson did not immediately respond Thursday to The Times’ request for comment.
Neverland Ranch, the former home of pop sensation Michael Jackson, was threatened this week as the Lake fire continued to burn in Santa Barbara County.
“We conclude that the provisions are not inconsistent: Read together, they give the executors broad powers to manage estate property while the estate remains in probate, and they provide for the transfer of all estate property to the trust when the probate action is concluded,” Wednesday’s opinion reads.
“The proposed transaction is consistent with the terms of Michael’s will as so interpreted, and thus the probate court did not abuse its discretion by granting the executors’ petition.”
In February, Sony Music Group closed a deal to purchase half of Michael Jackson’s masters for at least $600 million, according to Billboard.
Times news researcher Scott Wilson contributed to this report.
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