Michael Jackson's children stand to lose huge chunk of their inheritance thanks to massive debts

By admin
23 March 2015

On paper they're three of the richest teenagers in the world, but in reality things aren’t looking so good for late King of Pop Michael Jackson’s children.

On paper they're three of the richest teenagers in the world, but in reality things aren’t looking so good for late King of Pop Michael Jackson’s children.   Paris (19), Prince (17), and Blanket Jackson (14) once stood to inherit billions of dollars in royalties from their late-father’s estate, once they each turned 30.

tbt family forever

A photo posted by Paris-Michael K. Jackson (@parisjackson) on

But now a huge chunk of their $1,274 billion (around R19 billion) inheritance is in jeopardy, due to Michael’s “financial recklessness” prior to his 2009 death.

Read more:You won’t believe what Michael Jackson’s daughter Paris looks like now In total, the late singer’s estate owes the Internal Revenue Service (IRS) $500 million (R7.64 billion) in unpaid taxes, as well as an additional $300 million (R4.58 billion) in other debts – meaning that only a small portion of his decades-long earnings will now be left for his children. The trio not only face a huge financial battle, but the recent sale of the icon’s publishing rights in the Sony/ATV Publishing group (for a reported $546 million), has now left their legacy at stake.

Dad.

A photo posted by Prince Jackson.? (@princemjjaxon) on

The lucrative payout has also upped Michael’s already staggering tax debt by an additional $70 million (R106 million). According to a source: “The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.”

Adding to the family’s financial woes is the failure to sell Michael’s famous Neverland Ranch. The huge property and grounds was listed in 2015, but has since failed to generate any real interest from buyers – especially not with its $100 million (R1.5 billion) price tag.

Michael bought the property in 1987 for $19,5 million, but it was handed over to an investment group in 2008 (R298 million). Following his death in 2009, the ranch fell into disrepair.

Another issue of contention is the disappearance of the Billie Jean singer’s treasured Gone with the Wind Oscar.

Michael bought the 1940 Best Picture statuette for $1,54 million (R23,54 million) at an auction in 1999, but executors of his estate are now unable to find the trophy.

Lawyer Howard Weitzman said: ''The estate does not know where the Gone with the Wind statuette is. We would like to have that Oscar because it belongs to Michael's children. I'm hopeful it will turn up at some point.''

Find Love!

Men
Women