 |
| Poor little rich kids ... Blanket, Paris and Prince with Michael, inset |
A trust fund for Prince, 15, Paris, 14, and nine-year-old Prince Michael II – known as Blanket – is empty as lawyers sift through the late singer’s debts and legal bills.
And it could be up to five years before a penny of the fortune amassed from his recordings and assets goes into the fund.
The three children are living on an allowance which is tightly controlled by estate executors and overseen by a judge.
Estate lawyer Howard Weitzman said: “The probate is still pending, and although almost all of Michael’s personal debt has been or is about to be paid in full, the estate is technically still in debt.
“Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order.”
He refused to be drawn on the size of the leftover fortune expected to flow into the trust fund.
“It’s too early to speculate on any precise number for a value. It will be a substantial number, I’m certain.”
Despite the legal wrangles, the Jackson kids have a lavish lifestyle in a gated mansion with private schooling and round-the-clock security — costing over £40,000 a month.
When the figures are settled, the Michael Jackson Family Trust will be split between his mother, Katherine Jackson, who will get half, and the three children.
King of Pop ... Michael with the children before his death
Splash News
As yet Katherine, the children’s guardian, has received none of the money
either and the situation has caused rifts in the family, who launched a
bitter battle over custody this summer.
Michael’s brothers Randy and Jermaine and sisters Janet and Rebbie took Katherine away to an Arizona spa for “health reasons” and demanded estate executors John Branca and John McClain resign, citing alleged fraud.
Paris, 14, launched a Twitter campaign to get her grandmother home and a judge temporarily stripped Katherine of guardianship.
Although they claimed they were not motivated by money, insiders say that some of the family are keen to see Katherine receive her share of the fund soon, so she can pass it on to her own children.
The source told a US paper: “To some of Katherine’s children, this is a shocking situation. They see on paper that Michael has made $600 million and cannot understand why all of it is not going to the family.
“This has been the case for a long time. They always think the worst is happening and people are taking money.”
In the long term Michael’s legacy — which includes a 50 per cent stake in The Beatles back catalogue – will make his children multi-millionaires.
They will have to wait until they are 21 to get access to their fortune.
They will then receive lump sums at ages 30, 35 and 40.
Wietzman said: “Multiple millions of dollars from (estate) earnings have been spent for the children and for Mrs. Jackson as well.”
Katherine Jackson’s lawyer Perry Sanders is carrying out an audit of the estate’s earnings.
He said: “My audit is being done to see the details of where the money is coming from and where it is going.
No comments:
Post a Comment