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Katherine Jackson Signed Secret Contract |
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| November 12, 2010 Prince, Michael Jackson, Katherine Jackson, Mann | ||
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Katherine Jackson's monthly allowance doesn't just come from her son Michael Jackson's estate. The Jackson matriarch is also receiving income from a company that owns tens of thousands of the King of Pop's photos, videos and other items. Katherine's contract with Vintage Pop Media, which is obtained by TMZ, states that she agreed to participate in the production of "The Katherine Jackson Story" and to write the already released book "Never Can Say Goodbye." VPM, owned by her business partner Howard Mann, then agreed to pay her 25% of the net profits with a minimum guarantee of $10,000 per month. Since there is no end date written for the monthly payment, it could mean that the company agrees to pay Katherine at least $10,000 a month for the rest of her life. Katherine, who is already getting $26,000 per month from Michael's estate, also agreed to "forever bind" Michael's children - Prince, Paris and Blanket - although TMZ sources who are familiar with the estate claim that she does not have the power to contractually bind her grandkids. The deal wasn't sanctioned by the singer's estate. Mann told TMZ, "This is one of the several agreements with Mrs. Jackson. This was a starting point in our relationship." |
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| Source: http://www.feedsyndicate.com/articles/7020513206 | ||
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