Paris Jackson has demanded that US$600mil (RM2.44bil) be released from the estate of her late father, Michael Jackson, to a family trust for her and her two brothers, Prince and Bigi.
Despite having generated billions since the pop star’s death, the estate has yet to transfer any funds into the Michael Jackson Family Trust, which was established specifically to care and provide for his children, Jackson said in a court filing obtained by People.
She explained that she and her siblings were each supposed to begin receiving income distributions at the age of 21, followed by additional distributions to start when they turn 30, 35, and 40 years old.
That, so far, has not happened, 28-year-old Jackson said, adding that the siblings instead, have been receiving smaller amounts of money determined by the estate’s remaining executor, John Branca.
Jackson also noted in the court documents that she is set to turn 29 in April, while Prince will turn 30 in four months and Bigi will turn 25 in February.
“More than seventeen years after his passing, Michael Jackson’s family trust remains unfunded,” the petition said.
Jackson has asked that a judge order a partial distribution of the estate’s assets – a manageable request, she said, given a series of business deals and recent property sales buoying the bottom line.
She specifically cited the 2018 sale of the estate’s interest in EMI Music Publishing for US$287.5mil (RM1.17bil), the sale of Neverland Ranch for US$22mil (RM89.6mil) in 2020 and a 2023 deal with Sony involving Michael Jackson’s music and additional intellectual property, per the petition.
The estate has previously been valued at between US$2bil (RM8.14bil) and US$3bil (RM12.2bil).
In response to the filing, the Michael Jackson Estate said it is unable to fully fund the trust until several legal matters are resolved, including ongoing litigation with the Internal Revenue Service, which sought US$700mil (RM2.85bil) in taxes and penalties.
“The Estate was able to secure a ruling to significantly reduce that amount, but the matter has not been settled and could still change,” the Estate said in a statement to People.
It also denied withholding funds from the siblings, saying that more than US$200mil (RM814.5mil) had already been distributed for their benefit. The Estate also claimed the King of Pop did not wish for his children to “receive a distribution until they are in their 30s.”
Michael Jackson was 50 when he died on June 25, 2009, from an accidental overdose of the anesthetic propofol at his rental mansion in Los Angeles. Both Branca and John McClain were appointed co-executors shortly thereafter.
McClain died in May, leaving Branca as the estate’s remaining executor. – New York Daily News/Tribune News Service
