Michael Jackson’s children’s trust funds still empty
London: Michael Jackson’s three children are still “penniless,” as the pop legends’ debt issues are yet to be resolved legally.
The ‘Dangerous’ hitmaker left an estimated 1-billion-pound fortune for his children.
But 38 months after the late singer died, his kids Prince, 15, Paris, 14, and Blanket, 10, haven’t been able to lay their hands on their father’s fortune, the Daily Star reported.
The King of pop’s finances were in disarray when he died, and lawyers have said, it could be another three years before they finished sorting through the debts and legal bills.
But they have assured the children that they will be massively rich once everything is in order.
The youngsters’ only source of income is a family allowance that is overseen by a judge.
“The probate is still pending and although almost all of Michael’s personal debt has been or is about to be paid in full, the estate is technically still in debt,” lawyer Howard Weitzman said.
He refused to speculate on the amount of money the children will inherit, but added: “It will be a substantial number, I’m certain.”
On Jackson’s orders, Prince, Paris and Blanket will each have to wait until they are 21 before they can touch their fortunes.