It has been reported that Michael Jackson’s three children
might lose the majority of their huge inheritance due to taxes. Nineteen-year-old Prince, seventeen-year-old Paris, and
fourteen-year-old Blanket were due to inherit the huge $1.3 billion when they
turned thirty, but authorities are said to be seeking $700 million from Michael’s estate.
It is also believed that the singing legend, who tragically
died in 2009, owed over $420 million in other debts - which will ripe out the
rest of the huge inheritance sum.
A source told 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 $700 million, with more charges coming for
late payments.”
The tax figure increased by about $98 million after
Michael’s stake in Sony/ATVMusic Publshing sold last week for $750 million,
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.”
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