Why Poverty Could Be Beckoning For Michael Jackson's Chidren Despite $1 Billion Inheritance

Recent reports have it that tax authorities in America are chasing after the massive billion dollar estate of late pop legend, Michael Jackson.

Michael’s children Prince, 19, Paris, 17, and Blanket, 14, who were said will receive the money from trust when they reach the age of 30 could now see their trust funds wiped out with the IRS demanding over 600 million from them.

That coupled with their $8 million a year allowance could threaten the amount they receive when they come of age.

“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," a source told The Sun.

“The IRS (Internal Revenue Service) had been public about their demand asking for as much as £555million, with more charges coming for late payments."

Recently Michael’s stake in Sony which he originally bought for $41.5 million in 1985 was sold for $750 million which simply rises the amount the family owes the IRS.

“The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe,” the source added.

On the other hand the family still have the $100 million valued Neverland ranch which has been on the market since 2015 but has failed to tempt any buyers thanks to its huge price tag.

Michael bought the property in 1987 for $19.5m. However in 2008 it was handed over to investment firm Colony Capital LLC after the Thriller hit maker ran into financial troubles.

And after his death in 2009 the ranch fell into disrepair.

SOURCE: The Mirror