Millions Recovered by Michael Jackson's Estate Administrators

According to court papers filed today, Michael Jackson's estate administrators have recovered $5.5 million in cash from "one of Michael Jackson's former financial advisers" along with "substantial amounts of tangible personal property," reports ABC News.

Estate administrators, John Branca and John McClain, claim that Jackson's estate is worth more than $500 million and are in the process of making business deals that may potentially bring in more than $10 million to benefit Jackson's heirs, says ABC News.

According to CNN, Branca and McClain also filed papers to Los Angeles County Superior Court judge to allow monthly support payments to be given to the King of Pop's mother, Katherine, and Jackson's three children.

"The special administrators believe that the projected cash flow and the assets of the estate are more than sufficient to cover the payment of this amount as a family allowed for the benefit of the three minor children," the filing is quoted on CNN.com.

The amount of the monthly allowance has not been disclosed.