Michael Jackson's Estate asked to finance the Michael Jackson Trust of $30 million

The Executors of the Michael Jackson Estate want to fund the Michael Jackson Trust of $30 million for the benefit of Katherine Jackson, Michael's children and unnamed charities, according to recently filed court documents.

In court documents, the co-Executors John Branca and John McClain are asking the court's permission to fund the Trust.

In addition to funding the Trust, the Executors are asking the court's permission to sell the longtime family home on Hayvenhurst Avenue in Encino, CA that, according to the docs, Katherine wants to sell, and although no price is mentioned, the property was valued at $4,150,000 in 2010.

The Encino property, where Jackson grew up and where several of his siblings lived in a cottage near their parents' home has since 2010 undergone extensive renovation, that was paid by the Estate. Katherine Jackson and the children moved out and have been living at a leased home that is for sale for about $10 million. The Executors said Katherine Jackson has identified a number of homes in that price range that would suit her needs and that of the children, but according to Tmz, the home she really wants is the Calabasas house in which she and Michael's children are currently living.

The Executors said the Trust and the California attorney general's office, which is representing charities as beneficiaries of the Estate, have been pressing for distribution of funds.

According to the court documents, the Estate generated more than $310 million in gross revenues as of December 31, 2010. "Since that date, the Estate assets have continued to generate additional income," the Executors said.

Notably, they said they were able to refinance and secure the Estate's interest in the Michael Jackson music catalog, Mijac, and the Sony/ATV publishing catalog, which includes portions of the Beatles catalog.

They said they reduced debt obligations by more than $90 million and refinanced loans at lower interest rates. They also benefited from the release of the documentary movie, This Is It, and said they were able to pay off dozens of approved creditors' claims as well as Jackson's income taxes. Some creditor claims remain open, according to the documents, but the deadline for filing claims against the Estate has passed.

"For a number of reasons, including without limitation, pending litigation and a pending Estate tax audit, the Estate is not yet in a condition to be closed," the document said. They listed cash on hand of $90 million.

They indicated that the $30 million was a preliminary distribution to the Trust and more would be forthcoming in the future.

A hearing is scheduled on September 28.

MJFS - sources: AP / TMZ