June 23, 2010 08:52:49 GMT
The death of her son Michael Jackson had left behind debts which she must cover with the pay cheque from 'Never Can Say Goodbye: The Katherine Jackson Archives'.
The businessman who helped Katherine Jackson publish a new Michael Jackson picture book insists the music matriarch is not a rich woman - despite inheriting 40 per cent of her superstar son's estate.
The 80 year old has teamed up with entrepreneur Howard Mann to publish a tribute tome about the late King of Pop called "Never Can Say Goodbye: The Katherine Jackson Archives". And despite claiming Katherine received a record-breaking pay cheque for the project, Mann insists she is battling to stay financially afloat due to the debt Jackson left behind after his death a year ago.
Mann tells EOnline.com, "(Katherine Jackson has) a deal more lucrative than any other author signed to a publishing deal before. (But) the reality is that after having met her and spent time with her, she is not raking in the money, because the estate really has to service a tremendous amount of debt. I am sure the trustees and administrators are required to pay that first and foremost, and it just hasn't led to a substantial cash position for Katherine."
Mann's claims come just days after it was revealed Jackson's estate has generated almost $1 billion in revenue since the pop superstar's shock death.