Michael Jackson, the King of Pop died suddenly in 2009, at the age of 50. The initial shock having subsided, many wondered how much his three children would inherit. However, fifteen years later, they are yet to get any of that money in their bank accounts. Why is that? Find out below.
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Michael Jackson died in 2009
On 25th June 2009, the world woke up to the most shocking news of the decade in the world of music. Indeed, the King of Pop died at the age of 50, and nothing could have predicted such a tragic end to his life. According to Forbes, in the three years following his death, Michael Jackson's estate continued to generate around half a billion dollars, thanks to royalties, but also to his postmortem singles being released. However, his estate also grew thanks to his film This Is It, which brought in £60 million more, and his Immortal World Tour, performed by the Cirque du Soleil cast, which generated over £75 million. Therefore, the singer's family should have been able to get some of that money.
However, this was not the case, as the singer has got an ongoing feud with the IRS even after his death. Until the argument is resolved, Michael Jackson's three children will not perceive a single penny of their inheritance. While they will not see their share of the £85 million-dollar inheritance, the children are still being 'very well taken care of' by their father's estate. The singer's estate executors told People:
In annual reports provided to the probate court, which are publicly available, anyone can see that the Estate provides Michael’s mother and children with very substantial amounts of money to support them.
The Estate has a very cooperative relationship with Michael’s children and whenever they need anything, the Estate works with them to ensure that they are very well taken care of, just as Michael would have wanted.
His three children still haven't received their inheritance
According to LADbible, Michael Jackson left behind an £85 million-dollar inheritance, to be shared between his three children: Prince, 27, Paris, 26, and Bigi, 22. The singer's will, which was made public in 2022, reveals that he wanted all his money to be placed in the Michael Jackson Family Trust. Twenty percent of the money was supposed to be donated to different charities, while the rest should be divided between Michael Jackson's mother, Katherine, and his three children. His father, Joe, siblings, and ex-wives do not appear on the will. The singer also added a clause, saying that if any of them tried to challenge the will, they would be disinherited.
Since Michael Jackson's death, the singer's mother has reportedly received around £55 million, which she has used to pay some of her legal fees. The youngest Jackson kid, Bigi, has filed a lawsuit against his grandmother, in an attempt to stop her from using his dad's money to pay her legal fees.
Read more:
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Sir Michael Gambon's £1.5M estate has been inherited by his wife Lady Gambon
Sources used:
LADbible: Sad reason Michael Jackson's kids never received any of their staggering £85m inheritance
People: Michael Jackson's Kids and Mom's Trusts 'Cannot Be Funded' Until Estate and IRS Settle Dispute: Filing
Page Six: Michael Jackson’s kids blocked from receiving money from trust until estate and IRS settle dispute
Forbes: Death & Taxes: The Michael Jackson Estate, The IRS And Posthumous Celebrity Valuations
