Paris Jackson wants the executor of her dad Michael Jackson’s estate to account for noteworthy expenditures, including nearly US$4mil (RM16.21mil) in legal costs.
The pop icon’s 28-year-old daughter alleges in legal filings viewed by TMZ that estate executor John Branca’s omitted information from 18 estate-owned businesses in his most recent financial report.
Her attorneys are also calling into question monies being spent on private and nearly US$605,000 (RM2.45mil) in “unspecified” credit card and law firm costs.
Expenses also reportedly allege that more than US$9.4mil (RM38.10) was set aside to pay Branca and late executor John McClain. Furthermore, Jackson wants to know why hundreds of thousands of dollars are sitting in low-yield bank accounts.
A representative for the estate told TMZ that Jackson and her team fail to acknowledge the unique structure of the late King of Pop’s estate
“No rhetoric can hide the fact that the Executors have taken an Estate that was US$500mil (RM2.02bil) in debt when Michael died and turned it into the most successful Estate in history, producing US$3bil (RM12.15bil) in revenue and the biggest biopic in movie history, with a box office exceeding US$1bil (RM4.05bil) globally,” that representative said.
Jackson’s reps replied that it’s Branca and his team that are missing the point.
“No rhetoric can hide the fact that Mr. Branca has used Estate funds to create a lavish lifestyle complete with charging personal trips on private jets to the Estate,” her team said. “This wasteful spending and financial mismanagement flies in the face of his fiduciary duty to the beneficiaries and has gone unchecked for too long.”
Jackson wants US$600mil (RM2.43bil) from the estate for herself and her two siblings. The Beat It singer died in 2009. He was 50.
The estate hasn’t yet transferred any funds into the Michael Jackson Family Trust established for his children, Jackson said in a court filing obtained by People. – New York Daily News/Tribune News Service
