Michael Jackson’s Kids Have A 3 Million Dollar Education
Michael Jackson’s children have a $3 million education. Reports are in that The Michael Jackson Estate spent that much on education for Jackson’s children Prince Michael, 17, Paris, 15, and Blanket, 11. The education costs of $3 million dollars only covers a year of the children’s education as records filed by estate co-executors John Branca and Johan McClain.
In addition, the estate spent a pretty penny on security for the Jackson family in the wake of the enormous amount of attention that’s on Jackson’s children on a daily basis. The bodyguards were compensated to the tune of $564.301.57 back in 2012.
According to RadarOnline, the executors of Jackson’s estate had to submit extremely detailed expenditure records while their lawsuit against the IRS is pending. Jackson’s mother Katherine was said to have a $1.386 million allowance and, in addition, was loaned over $6 million from the estate for the year of 2012. This included expenses for Jackson’s children, who were looked after by Katherine in her rental home in Calabasas, California, while renovations were happening to their permanent residence in Hayvenhurst.
While the documents list that the children received a $3 million education that year, they were also receiving the best care in dental health. Their orthodontic bills racked up a reportedly $10,000.
As we reported, currently The Michael Jackson Estate is involved in a pending case with the IRS. The IRS is accusing the Jackson Estate of failing to pay over $505 million in unpaid taxes and undervaluing assets. The government has “opted to add a 40 percent penalty for the withheld information.” The percent adds up to a penalty of $700 million for the Michael Jackson Estate.
According to documents, Michael Jackson’s mother Katherine also spent $154,323.53 for renovations, $35,842.05 for utility bills, and $12,000 for the home cinema.
The Michael Jackson estate had money problems even before the singer’s death in 2009. They were $500 million in debt, but since Jackson’s death the estate has earned a reported $600 million. According to Michael’s executors, “they have made significant progress in resolving creditors’ claims and pending litigation reducing the estate’s debt, and solidifying and establishing the MJJ Business as a lucrative and powerful entity in the entertainment industry, the estate is not yet in the condition to be closed.”
Before Jackson’s death the singer was involved in half a dozen of lawsuits. After his death 65 creditors claims were filed.
