Michael Jackson's Children set to lose over £900Million Inheritance?
According to a report from Yahoo News, Late Michael Jackson's three children might stand to lose a huge amount of their inheritance due to some tax issues.
The popular Pop star who has three children died in 2009 leaving the kids with a huge inheritance behind.
Nineteen-year-old Prince, seventeen-year-old Paris, and fourteen-year-old Blanket (pictured below) were due to inherit the huge £900million when they turned thirty years, but authorities are said to be seeking £555million from Michael’s estate due to some tax issues.
Copyright: Rex
It is also believed that the singing legend, who tragically died in 2009, owed over £300million in other debts - which will ripe out the rest of the huge inheritance sum. According to another source which reveal to The Sun that: “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 £70million after Michael’s stake in Sony/ATVMusic Publishing sold last week for £526million, with the insider adding: “The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.”
And that’s not all that that the 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 $1.54million 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: “The estate does not know where the ‘Gone With the Wind’ statuette is.
"We would like to have that Oscar because it belongs to Michael’s children. I’m hopeful it will turn up at some point.”
This is serious
Nineteen-year-old Prince, seventeen-year-old Paris, and fourteen-year-old Blanket (pictured below) were due to inherit the huge £900million when they turned thirty years, but authorities are said to be seeking £555million from Michael’s estate due to some tax issues.
It is also believed that the singing legend, who tragically died in 2009, owed over £300million in other debts - which will ripe out the rest of the huge inheritance sum. According to another source which reveal to The Sun that: “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 £70million after Michael’s stake in Sony/ATVMusic Publishing sold last week for £526million, with the insider adding: “The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.”
And that’s not all that that the 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 $1.54million 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: “The estate does not know where the ‘Gone With the Wind’ statuette is.
"We would like to have that Oscar because it belongs to Michael’s children. I’m hopeful it will turn up at some point.”
This is serious
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