Michael Jackson’s kids haven’t received a dime from his $100 million fortune for a sad reason
Michael Jackson left behind a massive fortune, but his children have yet to receive their share! For those unaware, the 'King of Pop' passed away at 50 on June 25, 2009, in Los Angeles, and his estate has been locked in a legal battle with the IRS over a disputed tax bill ever since. Despite his vast £85 million (approx $111M) estate, Michael Jackson’s three children—Prince Jackson, 27, Paris Jackson, 26, and Bigi Jackson, 22,—are still waiting for their inheritance due to the ongoing legal battles. However, according to Newsweek, they receive allowances from the estate and are reportedly “very well taken care of.”
People magazine obtained a statement that read, "In annual reports provided to the probate court, which are publicly available, anyone can see that the Estate provides Michael’s mother and children with very substantial amounts of money to support them. The Estate has a very cooperative relationship with Michael’s children and whenever they need anything, the Estate works with them to ensure that they are very well taken care of, just as Michael would have wanted."
In case you're wondering, the 'You Are Not Alone' hitmaker's final will was submitted in 2002. In it, Michael specified that his interests would be placed into the "Michael Jackson Family Trust." As per his wishes, 20% of his fortune was to be donated to charity, while the remaining amount would go into a lifetime trust for his mother, Katherine Jackson, and a separate trust for his three children.
Michael's father Joe Jackson, siblings Janet Jackson, Tito Jackson, La Toya Jackson, Jermaine Jackson, Marlon Jackson, Jackie Jackson, Rebbie Jackson, Randy Jackson, Brandon David Jackson, JohVonnie Jackson and his ex-wives Debbie Rowe and Lisa Marie Presley were cut out from the will through a 'no contest' clause that stated if anyone challenged the will they will be automatically omitted from the will, according to a report by the Grunge. Despite that, Jackson's father, Joe, reportedly tried to obtain his share from the estate by filing a lawsuit, but he was denied. As per Daily Star, Judge Mitchell Beckloff said in 2009, "Joe Jackson takes none of this estate. This is a decision his son made."
After Michael's death, his wealth witnessed a staggering jump as his real estate generated over half a billion dollars in just three years, as reported by Forbes magazine. This large sum of money came from different sources including a $60 million advance on his 'This Is It' film, a new recording contract that raked in $250 million, and Michael's 'Immortal World Tour, Cirque du Soleil,' which amassed over $75 million in 2012.
At the moment, Bigi well-known as Blanket is involved in a legal battle with his grandmother Katherine due to his father's real estate. Bigi has reportedly filed a lawsuit against his grandmother Katherine to stop her from using Michael's estate fortune to pay her legal fees. Then, TMZ claimed, "Based on recent reporting, it seems like it may be related to the deal the estate made with Sony to sell about half of Michael's music catalog for $600M." Both Bigi and Katherine contested the deal but the court took a decision against them and closed the case.