Posted by Adam

Thursday July 30, 2009

Michael Jackson‘s 79-year-old mother, Katherine Jackson, will receive full custody of the tragic star’s three children under the terms of a deal that has just been reached, it was announced Thursday.

Though he did not go into specifics, Katherine’s attorney Londell McMillan said on CBS’ The Early Show, “It’s an agreement, an agreement for the best interests of the children. This is not a money deal. This is not about money.”

Since Michael’s June 25 death, Katherine has remained in control of Prince, 12, Paris, 11, and Blanket, 7.

Debbie Rowe — the mother of the Michael’s eldest children — will reportedly get visitation, but no extra money.

McMillan blasted claims the that the King of Pop left his family with more debt than money.

“That estate is worth, in my estimation, a couple of billion dollars,” he said. “You hear $500 million. Don’t buy it.”

While Michael’s will requested that Katherine raise his children, he appointed his two longtime business partners, John Branca and John McClain, to look after his money.

Katherine receives 40 percent of the estate, but she’s fighting to be kept in the loop on all business matters.

McMillan denied that Katherine is trying to contest the will.

“We’re not trying to rewrite the will,” he said. “Our concern is for anyone to have extraordinary powers, they need to have extraordinary trust and integrity.”

McMillan also dismissed reports that Michael’s father, Joe Jackson, shouldn’t be involved in raising the children. Said McMillan, “I don’t think it’s valid at all. I think Joe Jackson is the husband of Mrs. Jackson, but he’s not living in Los Angeles.”

Tags: katherine jackson, michael jackson