Michael Jackson’s kids may not be inheriting their late father’s estate until each of them turns 33, but the three are currently living on $8 million a year, which reports say they have zero problem spending.
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According to the New York Post*, their allowance has increased from $5 million to $8 million, because the estate is constantly earing money through royalties and such. The funds go towards things like private school and security guards, but also towards lavish gifts for their friends and Hawaiian holidays for the family and staff.
The youngest, Blanket, spends his money on karate lessons, a personal trainer and taking friends to dinner. He’s 12. Paris, 16, reportedly loves buying her boarding school friends clothes and other gifts, while Prince, 17, has already spent in excess of $50,000 on jewellery for various girlfriends.
Michael Jackson’s estate is currently valued at around $2 billion. Half will be split equally among the kids when they turn 33 and when they turn 40 they will get the rest.
They are currently in the care of their grandmother, Katherine Jackson, and live in Calabasas, California. Yes, the same ’hood as the Kardashians/Jenners.
Apparently, Prince wants to buy the Neverland Ranch back from creditors and restore it to its former glory. Michael’s brother Jermaine has said he would like Michael’s remains to be moved and buried at the ranch.
Picture: Getty
*http://nypost.com/2014/06/08/michael-jacksons-kids-burning-through-8m-a-year/
This article originally appeared on The Debrief.