Michael Jackson's Estate Buys Calabasas Home for $10.75 Million

A wise move by the Estate in my opinion. Rather than pay the $26,000 monthly rent on the home for katherine and the children, the Estate can pay a lower Mgt. payment and also create equity in the home and own the property in Michael and the childrens name. ~ Qbee

The home is where his mother, Katherine Jackson, lives with the late pop star's children

The Mediterranean-style house is roughly 12,000 square feet. Splash News/Corbis

The estate of Michael Jackson has purchased the Calabasas, Calif., home where his mother, Katherine Jackson, lives with the late pop star's children, according to Hilton & Hyland, the real-estate firm that represented the estate in the transaction.

Ms. Jackson, who is in her 80s, has been leasing the home for the past several years, according to Hilton & Hyland's Nichelle Robinson, who represented the estate along with her mother, Barbara Robinson of Hilton & Hyland. The sale closed Monday for about $10.75 million, she said. The seller was represented by Marc and Rory Shevin of Berkshire Hathaway HomeServices. The seller wasn't identified.

Located in a gated community in Calabasas, the Mediterranean-style house is roughly 12,000 square feet. There is a guesthouse, a theater, a pool and a putting green, Nichelle Robinson said.

Michael Jackson died in 2009. His will appointed his mother guardian of his three children—Prince, Paris and Blanket. She now shares guardianship with her grandson, T.J. Jackson, according to news reports.

Ms. Jackson moved into the Calabasas house with the children several years ago to provide "a new environment" for them, Ms. Robinson said. After their father's death, the children had initially moved into the Jackson family home in the Encino area of Los Angeles, Ms. Robinson said.

The home wasn't on the market at the time of the purchase, but had previously been listed for $11.5 million. The Jacksons initially paid $26,000 a month to lease the house, and the rent has increased since then, Nichelle Robinson said.

The Jacksons had wanted to buy the Calabasas home for several years, Ms. Robinson said.

The Jackson estate wasn't immediately available for comment.


Source: Wall Street Journal – By Candace Taylor