He was one of the world’s most influential pop legends. He was a global figure in pop culture for four decades. He was the ‘King of Pop’ but, since his death, his kids have not seen a penny of his money.
The children of the late Jacko are, in fact, penniless and will not see his money for years.
Prince, 15, Paris, 14, and Blanket, 10, are broke even though their superstar dad left behind a €1.26bn legacy.
The planned trust for the late pop legend’s kids remains empty 36 months after Michael Jackson’s tragic death.
MJ’s legal staff said this is because his finances were in such disarray after his death that they are still trying to pay off debts, legal bills and organise his cash. They said it could take up to three years to sort it all out.
But they also said the three kids will reap the benefits of their patient wait once the money is in order again. At the moment, the three kids are living off a family allowance controlled by a judge.
The estate lawyer Howard Weitzman refused to speculate how much money each child will receive but said it will be “a substantial number”.
According to Jacko’s will, the children can only receive their father’s money once his accounts are back in the black again.
The three of them may be broke on paper but in real life they still enjoy a lavish lifestyle in a mansion with private schooling, 24-hour security and regular holidays.
For now, the three kids have the years ahead to look forward to when they will all become multi-millionaires thanks to their dad’s popularity, his 50 per cent stake in the Sony/ATV music catalogue that own most of the Beatles’ iconic tunes and other business deals the star got involved in.
Michael did not want his children experiencing this wealth first-hand until they are 21 years of age. Experts reckon MJ’s youngest, Blanket, will be worth €200 million by his mid 30s.
Phew, a lot of money… but someone should tell the kid he should change his name if he wants any sort of anonymity this life…
