It isn't looking good for Michael Jackson's three kids.
Not only did Paris, Prince, and Blanket Jackson suffer a major blow after their beloved dad died at age 50, but now they're facing another uphill battle financially. Sources at The Sun have come forward with new evidence that suggests the children won't see a dime from their $900 million dollar inheritance.
Related: Michael's Biopic Will Star Pet Chimp Bubbles!
According to confidantes, the three kids along with Michael's mom are the beneficiaries of his massive trust. The problem is, M.J. was a bit reckless with his cashflow and owes the IRS a whopping $500 million dollars in addition to $300 million dollars in other debts.
The problem was just reportedly made worse by the estate's $546 million dollar deal with Sony to sell the icon's publishing rights. The lucrative payout has upped Mr. Jackson's tax debt by $70 million dollars.
Yikes. What a MESS.
A source said of the complicated situation:
"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."
The news is especially sad considering Paris just went through a very hard time emotionally. One can only wonder what this financial burden will do to her already fragile state.
Adding to the sh*t storm is the mysterious disappearance of Michael's Gone With The Wind Oscar statue valued at $1.54 million dollars. Apparently no one close to the late pop star has any idea where he kept the prized possession.
An insider explained:
"The estate does not know where the ‘Gone With the Wind' statuette is. We would like to have that Oscar because it belongs to Michael's children. I'm hopeful it will turn up at some point."
Jeez. We're just hoping some miracle clears this mess up!
[Image via WENN.]
Tags: blanket jackson, legal matters, michael jackson, paris jackson, prince jackson, sad sad