KATHERINE JACKSON STRUGGLING WITH DEBT, SAYS NEW BUSINESS PARTNER
The businessman who helped KATHERINE JACKSON publish a new MICHAEL JACKSO N picture book insists the music matriarch is not a rich woman - despite inheriting 40 per cent of her superstar son’s estate.
The 80 year old has teamed up with entrepreneur Howard Mann to publish a tribute tome about the late King of Pop called Never Can Say Goodbye: T he Katherine Jackson Archives.
And despite claiming Katherine received a record-breaking pay cheque fo r the project, Mann insists she is battling to stay financially afloat du e to the debt Jackson left behind after his death a year ago (25Jun10).
Mann tells EOnline.com, "(Katherine Jackson has) a deal more lucrative than any other author signed to a publishing deal before.
"(But) the reality is that after having met her and spent time with her , she is not raking in the money, because the estate really has to servic e a tremendous amount of debt. I am sure the trustees and administrators are required to pay that first and foremost, and it just hasn’t led to a substantial cash position for Katherine." Mann’s claims come just days after it was revealed Jackson’s estate has generated almost $1 billion in revenue since the pop superstar’s shock d eath.
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