Katherine Jackson Made Permanent Guardian of Michael's Kids

"That estate," he told CBS, "is worth, in my estimation, a couple of billion dollars. You hear $500 million. Don't buy it."

As the custody battle settles, a spiritual one could replace it. Sources close to Debbie Rowe told ABC News that she is concerned the children may not be raised Catholic, as the sources said Michael Jackson wanted, "Good Morning America" reported today.

Though Michael Jackson's children were reportedly baptized in a Catholic church in 2003, Katherine Jackson, a devout Jehovah's Witness, has been taking the kids to her church since their father's death.

An investigation into Jackson's June 25 death is ongoing.

The Associated Press contributed to this report

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