JACKSON’S LIFE INSURANCE ‘PAYS OUT $3 MILLION’
MICHAEL JACKSON’s estate has reportedly been awarded a multi-million dollar pay-out after the late singer’s life insurance policy was settled.
John Branca and John McClain, the temporary administrators of Jackson’s will, are said to have cashed in the contract, winning $3 million (£2 million) for the star’s estate.
Initial reports indicated Jackson’s policy was worth up to $20 million (£13.3 million).
But according to gossip website TMZ.com, the businessmen rushed to finalise the deal, accepting just $3 million, over fears the life insurance firm would refuse to pay if an autopsy report determined drugs were the cause of death.
The Thriller hitmaker suffered a fatal cardiac arrest at his Los Angeles home on 25 June (09).
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
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