As the one-year anniversary of Michael Jackson’s death approaches, his estate and concert promoter AEG reached a $1.3 financial settlement with Los Angeles to cover the cost associated with the King of Pop’s memorial service, The Associated Press reported.
Los Angeles Mayor Antonio Villaraigosa and AEG President Timothy J. Leiweke said in a joint statement Friday that both AEG and Jackson’s estate will donate $1 million to the city’s general fund, while the Los Angeles Police Foundation will receive the remaining monies.
It cost the city of Los Angeles $3.2 million to fund the memorial service last July at the Staples Center. The AP added that police overtime totaled $2 million.
"It was important to us that all parties agreed that this was not an obligation but a choice we believed was important to make at a time when thousands of city employees are being reduced," Leiweke said in the statement. No additional comment was provided by a representative from Jackson’s estate.
Jackson died June 25 last year from an overdose of sedatives.
