Michael Jackson’s Children May Lose Their £900m Inheritance

Posted by: lukwago J in World news March 22, 2016

Michael Jackson’s children will reportedly lose the majority of their £900 million inheritance – after the singer died with debts of over £500 million. The music icon’s children, Prince, 19, Paris 17, and Blanket, 14, were due to inherit the star’s fortune when they turn 30, but tax authorities are believed to be seeking £555 million from Jackson’s estate.

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The Billie Jean singer, who died of a prescription drug overdose in 2009, is also thought to have died with over £300 million in other debts.

A source revealed to The Sun: ‘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.’ It’s thought that the tax figure has now increased by almost £70 million, after Jackson’s stake in Sony/ATV Music Publishing was sold for £526 million.

The source added: ‘The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.’ It comes shortly after it was revealed that Jackson’s children are missing another chunk of their inheritance in the form of a treasured ‘Gone With The Wind’ Oscar that belonged to the star.

The singer bought the 1940 Best Picture statuette for $1.54 million at an auction in 1999 but executors of his estate are now unable to find the expensive gong. Lawyer Howard Weitzman said: ‘The estate does now 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.’But lets pray that his children donot lose most of their Inheritance.

Source: metro

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