Jacko’s Will, Net Worth Found

The saga continues: The Associated Press reported today that contrary to previous statements from his parents, a will has surfaced for debt-ridden Michael Jackson, and that he had a net worth of $237 million in recent years. The existence of the will was announced just a day after Jackson’s mother, Katherine Jackson, petitioned to become the administrator of his estate. "If there is a will and if the will is a valid will, the whole petition to be named administrator will just fall away,” said an estate lawyer and partner at a New York law firm. Meanwhile, documents dated March 31, 2007 reveal Jackson’s lofty net worth—-and the fact that only $700,000 of that amount was in cash. While his assets totaled $567.6 million, including a 750-song catalog worth $390.6 million, the five-page report claimed that Jackson owed $331 million in debt. A Jackson family lawyer said that Jacko’s advisers are currently looking for additional documents.