michael jackson:

Jackson adviser says he turned over $5.5M for Vegas ‘dream home’

Linda Deutsch and Anthony McCartney, Associated Press

Sunday, July 26, 2009 | 11:31 a.m.

Michael Jackson

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LOS ANGELES — A former financial adviser to Michael Jackson said Friday that he was the person who recently turned over to executors $5.5 million, which had been "a secret between Michael and me."

Dr. Tohme Tohme responded to an inquiry from The Associated Press about documents in which administrators of the estate said they had recovered $5.5 million and substantial amounts of personal property from an unnamed former financial adviser.

"It was not recovered," he said. "I had the money and I gave it to them. It was a secret between Michael and me."

He said the money, which came from recording residuals, was earmarked by Jackson for the purchase of what was to be his "dream home" in Las Vegas. He said he was in negotiations for the home when Jackson died.

"He said, 'Don't tell anyone about this money,'" Tohme recalled. "But when he passed away I told them I had this money, and I gave it to them."

He said he also turned over a large number of items from Jackson's Neverland estate that were once scheduled to be auctioned. When Jackson decided to call off the auction, Tohme said he had everything put into storage. He said he turned over that personal property to the executors as well.

Tohme is the financier who advised Jackson during the last year and half of his life and was instrumental in saving Neverland from foreclosure. He also was a key figure in negotiating the contracts for Jackson to do a series of comeback concerts in London.

The estate's receipt of the money was revealed in court documents released Friday.

Attorney John Branca and music executive John McClain are serving as temporary administrators as spelled out in the King of Pop's will. The men are finishing several deals that they expect will generate "tens of millions of dollars of revenues."

They expect to submit those deals for court approval within the next week, the filings state.

The revelations were included in two motions requesting allowances for Jackson's three children and his mother, Katherine. The petitions state that Jackson was the primary source of income for his children and his mother, who receives some money from Social Security.

Katherine Jackson currently has custody of the three children, 12-year-old Michael Joseph Jr., known as Prince Michael; 11-year-old Paris Michael Katherine Jackson; and 7-year-old Prince Michael II, known as Blanket. The children and Jackson's mother are the only members of Jackson's family eligible to receive support from the estate, according to the court filings.

The monthly stipends that Branca and McClain hope to provide the Jacksons were redacted from the court records released Friday.

Los Angeles Superior Court Judge Mitchell Beckloff refused to grant the allowances on Thursday, opting instead to consider them at a hearing on Aug. 3. The judge did allow the administrators to enter into deals that will bring reprints of Michael Jackson's 1988 autobiography, Moonwalk back to booksellers.

Branca and McClain "believe that the projected cash flow and the assets of the estate are more than sufficient to cover the payment of this amount as a family allowance for the benefit of the minor children."

Jackson paid for the expenses at the Jackson family home in the San Fernando Valley, the court filings state. The administrators plan to keep that arrangement, even though some of the expenses may go to other Jackson family members who also live at the home.

Jackson's children will receive Social Security benefits, which have been applied for but payments have not yet started. Their monthly stipends from the estate may be reduced, depending on much money they receive from Social Security, the filings state

Discussion: 11 comments so far…

By CANESPEED

7/26/09 at 12:27 p.m.

Suggest removal

yawn,double yawn,triple yawn!!
By KillerB

7/26/09 at 12:56 p.m.

Suggest removal

Thumper -- you should. These kids are rich for the rest of their lives, yet they're looking to get Social Security. How much social security do you think you'll get?

MJ should have taken a lesson from Marilyn Monroe's death and years of probate. If all his high-priced financial advisors had a clue he would have had all his assets in trust. Then the court couldn't be involved, and no headline.
By robertfdeyro

7/26/09 at 3:47 p.m.

Suggest removal

KILLER B

ARE YOU THE BROTHER/SISTER OF THE CHILD THAT WAS MOLESTED. HOW MUCH SHARE DID YOU GET FROM THE $15MILLION SETTLEMENT.

ADMIT IT, HAH!!!!!!
By KillerB

7/26/09 at 7:06 p.m.

Suggest removal

Thumnper, robertfdeyro -- post something that deserves an answer and I might respond. Otherwise this is just a courtesy post. When your express as boors expect to be treated like boors.
By mred

7/26/09 at 7:39 p.m.

Suggest removal

IRS cares
By azsk8fan

7/28/09 at 7:32 a.m.

Suggest removal

He's been 'talking like one' ever since the Chester-the molester-Stiles case. Makes one wonder how much access to the internet do they give perverts in prison anyway?
By scouser

7/28/09 at 7:34 a.m.

Suggest removal

good for him to take the honesty route. He could have easily sat back and waited to see if anyone asked him for it.
By Phargo

7/28/09 at 8:20 a.m.

Suggest removal

Michael Jackson wore that glove to cover up where his fingers had been.

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