Pop star 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 £900million when they turned thirty, but authorities are said to be seeking £555million from Michael’s estate.
It is also believed that the singing legend, who tragically died in 2009, owed over £300million in other debts – which will wipe out the rest of the huge inheritance sum.
“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.”