According to The Hollywood Reporter, the Oscar for Best Picture awarded to Gone With the Wind producer David O. Selznick – which Jackson had purchased in a Sotheby's auction – is no where to be found.
"The estate does not know where the Gone With the Wind statuette is," Jackson's attorney Howard Weitzman told THR. "We would like to have that Oscar because it belongs to Michael's children. I'm hopeful it will turn up at some point."
Jackson's three children, Michael, 19, Paris, 17, and Prince, 14, as well as his mother Katherine Jackson, were named beneficiaries of the trust he established and to which he left all his assets, according to the term's of his 2002 will.
The legendary King of Pop, who was known to have had a passion for films, bought the 1940 statuette for $1.54 million in 1999. According to THR, the sellers of the Oscar had estimated its worth at a mere $300,000.
Though it is unclear where Jackson kept the Oscar – either at his Neverland estate near Ojai, California, or at his Los Angles home where he died – the whereabouts of the statuette remain unknown.
Watch our Live from the Oscars Red Carpet show on PEOPLE.com starting at 5:30 ET/2:30 PT on Feb. 28 – and the 88th Academy Awards at 7 ET/4 PT on ABC. Click here for a handy ballot of this year’s Oscar nominees!