Michael Jackson's daughter seeks $600 million from her father's estate
Michael Jackson's daughter, 28-year-old Paris Jackson, has gone to court to demand that $600 million (1.02 billion manats) from the late singer's estate be transferred into a family trust set up for her and her brothers, Prince and Bigi.
She accuses the executor of her father's will, John Branca, of failing to give the heirs access to the money due to them. Page Six reports this.
According to court documents filed on Oct. 29, the family trust meant to provide financial support for the artist's children remains without the funding it was to receive, more than 17 years after Michael Jackson's death. Paris says her father expected his children to begin drawing income from the trust at the age of 21, with the principal of the inheritance paid out in stages, at 30, 35 and 40.
Instead of the payments provided for, Michael Jackson's daughter says, she and her brothers receive smaller sums whose size is set by the executor of the will. She also says that after she questioned expenses and decisions related to the management of the estate, she met with resistance from John Branca.
In her filing, Paris Jackson points to the estate's financial position. By her figures, by the end of 2024 total income from the management of Michael Jackson's assets exceeded $2.5 billion (4.25 billion manats), and the cash available for distribution may amount to around $600 million (1.02 billion manats). Among the sources of income she names deals involving music assets and the sale of the singer's property.
Representatives of the estate, for their part, reject the accusations that money is being withheld. They say the family trust cannot yet be funded in full because of unresolved legal matters, including a tax dispute with the U.S. Internal Revenue Service. According to the estate's representatives, more than $200 million (340 million manats) has already gone to the needs of the artist's children.
Paris Jackson is asking the court to order the executor of the will to transfer $600 million (1.02 billion manats) into the family trust, or another sum the court finds justified. The next hearing in the case is set for December.
