The late king of pop’s children, Prince, 19, Paris, 17, and Blanket, 14,
were due to inherit £900 million when they turn 30 but tax authorities
in America are chasing the late singer’s estate for £555 million and it
is believed that MJ owes more than £300m in additional debts which are
yet to be cleared…
According to MirrorUK;
Micheal Jackson’s children’s £900 million inheritance could be drastically slashed.
Big bills mean that Prince, 19, Paris, 17, and Blanket, 14, could see
the money and their trust funds, which they reportedly have access to at
30, wiped out.
Insiders have reportedly claimed tax authorities in America are chasing
the late singer’s estate for £555 million, while the late singer is
believed to owe more than £300 million in other debts.
“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,” a source told The Sun.
“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 singer’s stake in Sony/ATVMusic Publishing was recently sold for
$750m (£526m), after he originally paid $41.5 for the rights.
It’s thought the tax on the deal will total roughly £70 million.
The source added:
“The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.
The huge property and grounds went on the market in 2015 but so far
hasn’t managed to tempt buyers with its $100m price tag. Michael bought
the property in 1987 for $19.5m.However in 2008 it was handed over to
investment firm Colony Capital LLC after the Thriller star ran into
financial troubles.
Following his death in 2009, the ranch fell into disrepair
Source: UK Mirror
