The news of the death of Michael Jackson took the world by surprise, the singer was preparing for an important concert tour when he suffered cardiac arrest caused by an overdose of painkillers. 15 years after his death, not even his children Prince27 years old, Paris26, and Bigi, 22, nor their mother, Katherine, 94, have received the money from their trust.
According to documents obtained and revealed by People: “The trusts of Michael Jackson’s mother, Katherine, and his three children, Paris, Prince and Bigi, cannot be funded until an ongoing dispute between your estate and the IRS is resolved, say the executors of the estate in a new legal documentl.”
The debts of the king of pop
The King of Pop left us an unmatched musical legacy, but also a complex financial story:
- Balance in red: Despite his enormous musical success, Jackson had a negative net worth approximately $500 million upon death, due to his extravagant lifestyle and excessive spending.
- The king’s eccentricities: His notable expenses include $17 million to acquire the Ranch Neverland, $5 million annually in maintenance, $20 million to resolve a child abuse case, and tens of millions in lawyers, agents, and unprofitable projects.
- Millionaire loans: To maintain your lifestyle, Jackson requested a loan of 380 million dollars from Bank of Americausing his stake in the Sony/ATV publishing house as collateral.
In 2005, Jackson was found not guilty of sexually abusing a minor.
Incalculable inheritance
So, What happened to Michael Jackson’s fortune? After his death, the music legend has continued to generate profits. There is talk of more than 2 billion dollars. What has turned it into the deceased artist who has earned the most income, according to Forbes.
On this occasionthe main conflict is not carried out by the artist’s heirsbut the will of Michael Jackson and the IRS (the American agency in charge of tax collection and compliance with tax laws), who cannot reach an agreement on the real value of the artist’s estate.
Therefore, three years ago, the heirs challenged the IRS assessments and they won in tax court! But the legal battle is far from over, because the final value of the estate has not yet been determined for tax purposes. This happened because the heirs’ lawyers filed a motion for reconsideration on Mijac’s value (Michael Jackson’s music catalog owned by Sony Music).
The artist’s family has been in an almost constant war over his fortune
Have the heirs received nothing?
“According to the will that the musician made in 2002the estate funnels money into a fund benefiting Katherine Jackson, the artist’s three children, and children’s charities.“, he points out The country.
So. Although the inheritance money has not been distributed directly, Michael Jackson’s children receive a relatively high pension. Besides, The artist’s mother, Katherine, has received more than 55 million dollars since Michael’s death.
Do you remember the little baby that Michael Jackson almost threw off the balcony? His name was Blanket and now he introduces himself as Bigi, and although he seems to be the most discreet of the three, he has taken center stage in the legal battle. At the end of Marchthe young man requested in court that his grandmother stop spending funds from the singer’s estate in her battle against the executors. Which has complicated the plot even more.
Thus, 15 years after his death, Michael Jackson, the “King of Pop,” left us an unmatched musical legacy and a multimillion-dollar (and incalculable) fortune.
