Michael Jackson built an empire worth millions, but his children are still waiting for their share. More than a decade after the King of Pop’s passing, his fortune remains tangled in a never-ending legal battle, preventing Prince Jackson, 27, Paris Jackson, 26, and Bigi Jackson, 22, from accessing their rightful inheritance.
The legendary singer, who died at the age of 50 on June 25, 2009, left behind an estate valued at approximately $111 million. However, an ongoing dispute with the IRS over a contested tax bill has kept the money locked away. Despite the delay, reports confirm that the Jackson children are financially supported, receiving allowances from the estate and living comfortably.
According to People magazine, official probate court records reveal that Michael’s estate provides “very substantial amounts of money” to care for his mother, Katherine Jackson, and his children. A statement confirms, “The Estate has a very cooperative relationship with Michael’s children, and whenever they need anything, the Estate works with them to ensure they are well taken care of, just as Michael would have wanted.”
In his 2002 will, the ‘You Are Not Alone’ singer directed that his wealth be placed into the “Michael Jackson Family Trust.” He designated 20% for charitable donations, while the rest was split into a lifetime trust for his mother and a separate trust for his children. Notably, Michael excluded his father, Joe Jackson, and his siblings from inheriting anything, inserting a ‘no contest’ clause that disinherited anyone who challenged his will.
Despite this, Joe Jackson attempted to claim a portion of the estate in court but was denied. A 2009 ruling by Judge Mitchell Beckloff declared, “Joe Jackson takes none of this estate. This is a decision his son made.”
Following Michael’s death, his estate’s value skyrocketed, generating over $500 million in just three years. This revenue came from various deals, including a $60 million advance for the ‘This Is It’ film, a $250 million recording contract, and the Cirque du Soleil show ‘Immortal World Tour,’ which grossed over $75 million in 2012.
Recently, Bigi Jackson, also known as Blanket, has been entangled in a legal battle with his grandmother Katherine Jackson over their father’s estate. Reports indicate that Bigi sued to prevent Katherine from using estate funds to cover her legal fees. Some speculate the dispute stems from a $600 million deal with Sony involving Michael’s music catalog, which both Bigi and Katherine opposed. Despite their efforts, the court ruled against them and closed the case.
