News reports have revealed that Micheal Jackson’s children may stand to lose their $900million inheritance over their music legend father’s outstanding debts and tax returns.
Mirror UK reports that the late king of pop’s children, Prince Jackson, 19, Paris Jackson, 17, and Blanket Jackson, 14, had been due to inherit £900 million upon hitting age 30.
Sadly, tax authorities in America have reportedly been on the heels of the late star’s estate for $555million, asides extra debts of $300milion that Micheal had reportedly incured.
A source close to the family reveals to The Sun, saying:
“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 reports go on to reveal that Michael’s shares in Sony/ATVMusic Publishing had recently been sold for $750m (£526m), after he had originally paid $41.5 for the rights.
The speculations are that the tax on the Sony/ATVMusic Publishing deal alone may total if not exceed, £70 million.
The source adds:
“The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.”
Michael’s property and grounds had reportedly gone on the market in 2015 but has yet to attract any buyers with the paltry price tag of $100m.
The legend had initially bought the property in 1987 for $19.5m, but in 2008, had handed it over to investment firm, Colony Capital LLC after the ‘Thriller’ singer had run into financial troubles.
Unfortunately, the death of the legend had caused the property to fall into disuse and disrepair, making it even harder to sell.
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