Wednesday, 23 March 2016

Michael Jackson's Children Can 'Lose Everything' to Debt and Uncle Sam

MICHAEL Jackson's estate is being chased by US tax authorities for £555m, battering the inheritances of the late king of pop's children.

Prince, 17, Paris, 17 and Blanket, 14, reportedly do not have access to their trust funds until the age of 30, but insiders have claimed that by that time there could be nothing left of the £900m left to them.
This is because the music icon is believed to owe more than £300m in additional debts which are yet to be cleared.

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

To make matters worse, most of the hit-maker's assets have already been sold off, including his stake in Sony, which was recently acquired for £750m and is set to be hit by $100m in tax.
“The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe,” the insider added.

Meanwhile Michael's Neverland ranch has yet to attract a buyer, despite being on the market for a year.
Despite falling into disrepair it has been valued at $100m, five times its value in 1987 when it was bought for $19.5m.

Daily Star.

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