James Brown’s charitable trust had withered to just $14,000 and his estate was saddled with more than $20 million in debt before a professional money manager was able to turn it around, an attorney told The Associated Press.
The manager took control over the estate, wiped out the debt and even cleared the road for Brown’s family to give scholarships. David Black, an attorney for the man who managed Brown’s money, made the information public.
Under the deal made after Brown’s death, half the assets were given to Brown’s trust, and a quarter was given to his son and widow. The rest was given to his adult children. But the deal may be thrown out after trustees say that it never should have been approved.