By: Amanda Anderson-Niles
Michael Jackson’s Estate has made headlines numerous times over the last few weeks, as they have been labeled as the cause behind recent family drama and numerous reports of money issues regarding Michael Jackson’s finances. Michael’s siblings have made it pretty clear that they believe the Executors of Michael’s Estate are shady characters, and they even claimed these individuals have a strong influence in the media and connections to popular sources such as TMZ and major news outlets. So when the situation transpired between Michael’s kids and his siblings, lies were told allegedly, and it even led to Janet Jackson threatening to sue TMZ for publishing false stories regarding her and Paris. Many then wondered if the Estate really had anything to do with the misleading reports, with some even suggesting that these same individuals had something to do with Katherine Jackson’s odd disappearance, which eventually resulted in her losing full custody of her grandchildren temporarily. But with new information being leaked to the press, it’s clear that something really is going on with the Executors of Michael Jackson’s Estate, since as of today, the trust fund Michael Jackson left for his kids is empty.
Here’s the report:
Although Michael Jackson has made nearly $600 million since his 2009 death, the planned trust fund created for his three children remains empty, according to the New York Daily News.
The paper reported today that lawyers and accountants believe it could take years before they’re able to sort through all of Jackson’s debts and legal bills and put money in the trust fund. In the meantime, Paris Michael, Prince Michael, and Prince Michael II (better known as Blanket) live on a $70,000 per month family allowance controlled by estate executors and overseen by a judge. Katherine Jackson, who was re-established as their legal guardian in August after a guardianship dispute earlier this summer, has control over those funds.
The Daily News said Jackson’s family trust calls for the King of Pop’s three kids to share 50-percent of the trust balance, while the other half will go to Katherine Jackson during her lifetime. The 82-year-old Jackson family matriarch also has yet to receive anything from the trust.
Interestingly enough, another recent report claims the Executors of Michael’s estate bragged about how much money they were going to make from a deceased Michael Jackson:
Michael Jackson promoters bragged they would “make a fortune” after the King of Pop’s death, according to leaked emails which emerged today.
A spate of confidential documents showed a music chief write “life must go on” following the singer’s death.
Messages between senior figures at music industry giant Anschutz Entertainment Group (AEG) also portray an increasingly erratic Jackson – who was too drunk to leave his hotel suite and threatening to destroy his 50-show tour.
In one email, which surfaced today in The Los Angeles Times, AEG Live director Randy Phillips wrote: “Michael’s death is a terrible tragedy, but life must go on.
“AEG will make a fortune from merch sales, ticket retention, the touring exhibition and the film/dvd.”
The documentary This Is It about Jackson’s doomed tour, which AEG co-produced, grossed more than $260million worldwide.
Of course, the Executors have conveniently switched up the topic of discussion, and decided to leak reports that Michael Jackson was a “lazy drunk” near the time of his death. And of course, these are the reports the major new outlets have chosen to run with instead:
According to 250 pages worth of confidential emails obtained by the Los Angeles Times, the financiers of the King of Pop’s “This Is It” concerts, Anschutz Entertainment Group (AEG), were deeply concerned about Jackson’s stability, with execs referring to him as “self loathing” and “lazy,” among other things.
“MJ is locked in his room drunk and despondent,” AEG’s Randy Phillips said in an email to his boss AEG President Tim Leiweke during that time. “I [am] trying to sober him up.”
And as far as the “missing” funds go…The Jackson family is not pleased:
“To some of Katherine’s children, this is a shocking situation. They see on paper that Michael has made $600 million and cannot understand why all of it is not going to the family,” an unnamed source told The News.
We’re starting to see exactly why Chris Lighty said slavery still exists in the music industry a little before his own death.