The children of the legendary Micheal Jackson are bound to loose majority of their £900 million inheritance as a result of tax debts.
According to report, nineteen-year-old Prince, seventeen-year-old Paris, and fourteen-year-old Blanket were to inherit the huge £900 million when they turned thirty, but authorities are alleged to be seeking £555 million from Michael’s estate.
It is also believed that the singing legend, who tragically died in 2009 of drug overdosage, also owed over £300million in other debts – which will ripe out the rest of the huge inheritance sum.
A source told The Sun about the financial status of Jackson’s children.
“On paper the kids are billionaires thanks to these massive sums. But the truth is those sums will barely be in their accounts for any time as they have this huge tax bill to settle.
“The IRS (Internal Revenue Service) had been public about their demand asking for as much as £555 million, with more charges coming for late payments.”
The tax figure increased by about £70 million after Michael’s stake in Sony/ATVMusic Publshing sold last week for £526 million, with The Insider adding that:
“The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.”
And that’s not all that Micheal Jackson children have lost out on, with it recently being revealed that the star’s treasured ‘Gone With The Wind’ Oscar that he bought for $1.54 million in 1999, has gone missing.
Michael’s executors of his estate are unable to find the prized trophy and have no idea where the singer even kept it, with Lawyer Howard Weitzman admitting that ‘the estate does not know where the ‘Gone With the Wind’ statuette is’. He said;
“We would like to have that Oscar because it belongs to Michael’s children. I’m hopeful it will turn up at some point.”