#SHOWBIZ: Paris Jackson seeks RM2.43bil from late father Michael's estate for family trust
LOS ANGELES: Paris Jackson has asked a court to transfer $600 million (about RM2.43 billion) from her late father’s estate into a family trust set up to support her and her two brothers.
Paris Jackson has petitioned a court to move $600 million (around RM2.43 billion) from her late father Michael Jackson's estate into a family trust, aiming to support her and her siblings. The 28-year-old singer and actress claims the Michael Jackson Family Trust is still unfunded 17 years after his death in 2009, despite the estate's billion-dollar income from ventures and asset sales.
The trust was established to provide income for Paris and her brothers, Prince and Bigi, starting at age 21, with lump-sum payouts at 30, 35, and 40. Paris alleges the executor, John Branca, has failed to execute the trust's arrangements, leaving them dependent on his discretion for smaller payments. The estate's assets include proceeds from selling Neverland Ranch and a $750 million deal with Sony for Michael's music catalog.
By the end of 2024, the estate holds approximately $850 million in cash and quick assets. Paris argues that about $600 million could be transferred once liabilities are addressed. The estate disputes her claims, citing ongoing legal issues with the IRS and rejecting accusations of cutting off or reducing payments as a "complete fabrication." A court hearing for the petition is scheduled for December 4.
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