If you thought Michael Jackson’s kids were living large off their inheritance, think again.
Since the King of Pop’s tragic death nearly two decades ago, many have wondered what happened to his enormous fortune. Jackson died on June 25, 2009, in Los Angeles.
Initially, his death was surrounded by suspicion and uncertainty, but it was later confirmed that he died from an overdose of propofol and benzodiazepines.
Ever since his passing, the Jackson family has been in an ongoing battle over his massive estate, which has continued to grow even after his death.
According to Forbes, his wealth ballooned to $500 million in just three years, thanks to projects like the ‘This Is It’ documentary and recent music deals.
Forbes reports that ‘Michael Jackson’s This Is It’ alone brought in an additional $60 million, and a new recording contract added another $250 million to the mix. Plus, the Immortal World Tour by Cirque du Soleil earned $75 million in 2012 alone.
Even though Jackson left his fortune to his children and their grandmother, Katherine Jackson, not a cent has gone to his kids yet. Why? According to Reforma, the IRS has been locked in a legal battle with Jackson’s estate over alleged unpaid taxes. So, more than 15 years after his death, his children are still waiting for their inheritance.
At the time of his death, Jackson’s image was worth just $4 million, or so a U.S. judge ruled, according to the Los Angeles Times. This valuation was far lower than the $161 million the IRS had claimed.
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Don’t worry, though—Jackson’s children, Prince, Paris, and Bigi (formerly known as Blanket)- all in their twenties -aren’t struggling. According to People, public probate court records show that the kids receive substantial, though unspecified, financial support from the estate.
Jackson’s 2002 will establish the Michael Jackson Family Trust, which allocates 20% of his wealth to charity, with the rest going into lifetime trusts for his mother and three children, according to the law firm Ginsberg Shulman.
One of the biggest surprises? None of Jackson’s immediate family made it into the will. Neither his father, Joe Jackson, who created the Jackson Five, nor his siblings or ex-wives were included. But that hasn’t stopped several Jackson family members from trying to get a piece of the estate.
There’s also a clause that says anyone who challenges the will be disinherited. This didn’t stop Joe Jackson from attempting to claim part of the estate, but his efforts were shut down by Judge Mitchell Beckloff in 2009, who ruled, “Joe Jackson will receive nothing from this estate.” This, CBS News reported, was a decision Michael himself had made.
Recently, Bigi has been in a legal fight with his grandmother Katherine. According to Billboard, the youngest of Jackson’s kids filed legal documents to prevent estate funds from being used for legal fees. Despite their opposition, the court ruled against Bigi and Katherine.
Meanwhile, the Jackson family continues to find ways to capitalize on the King of Pop’s legacy. In a recent update, Independent reported that the Neverland Ranch has been renovated for an upcoming biopic about Michael Jackson’s life.
The film, titled ‘Michael,’ will star the singer’s nephew, Jaafar Jackson, and will follow Michael’s career and life, much of which took place at his infamous California estate, Neverland. The biopic is set to release in April of next year.
Jackson once considered Neverland his safe haven, but after a 2003 police raid investigating child abuse allegations, he no longer viewed it as home, according to BBC. Though acquitted, Jackson never returned to the ranch, which was eventually sold in 2020 for $22 million.
Although the ranch was sold, it’s now been brought back to its former glory for the upcoming film. According to BBC, the production is being funded by Jackson’s estate, which has sparked controversy since it appears that the movie won’t address any negative aspects of his life.
Story by showbizzdaily.com
