Celeb News: MJ's children to lose most of inheritance?

RihsusChrist(ATG)

Michael Jackson's Children To Lose Most Of Their £900Million Inheritance?

https://www.yahoo.com/news/michael-j...095821933.html

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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 £900million when they turned thirty, but authorities are said to be seeking £555million from Michael’s estate.

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It is also believed that the singing legend, who tragically died in 2009, owed over £300million 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.

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“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 Publshing 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.”

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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.

The those poor children...the reverse racism.
They better find that Oscar, or Scarlett O'hara gonna haunt somebody's ass.

Fruity

It's called inheritance tax. Not exactly revolutionary

artpop

its been 7 years taxes should be paid

Pokistic

Quote:

Originally posted by RihsusChrist(ATG)

The those poor children...the reverse racism.
They better find that Oscar, or Scarlett O'hara gonna haunt somebody's ass.

retromaury

oh wow he basically will leave them poor with no money

Kamil24

Well it sucks but taxes exist for everyone, and debts owed by Michael can't just disappear. Plus it's not like they earned that money, they'll have to make a living for themselves now like most people in the world

Gee

They're still bound to make money off his name if they play their cards right.

Icarus

They'll only get just over $100 million each? Praying for them

Ryan Rivers

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Originally posted by Gee

They're still bound to make money off his name if they play their cards right.

Even doing a little club appearance will get them money

eli's_rhythm

Quote:

Originally posted by IcarusIsFlying

They'll only get just over $100 million each? Praying for them

Actually more since this is in pounds

stevyy

Quote:

Originally posted by retromaury

oh wow he basically will leave them poor with no money

who owns Michael's cataloge? SONY doesn't btw.. it was licensed under MiJac

whenever somebody plays his songs on the radio or buys an album/single or even streams.. his kids will make money. Look at AIWFCIY which generated $50 million in revenue up until last year. Michael has dozen evergreens. his kids will be insanely rich forever.