Paris Jackson, daughter of the late pop icon Michael Jackson, is seeking more than half a million dollars in a preliminary transfer of her father’s estate into a trust for her three children. Jackson alleged in a recent court filing that the funds were late and under the “iron fist” of the executor.
The actor and singer on Thursday accused his father’s executors of failing to carry out the singer’s wish that Prince, Paris and Bigi begin receiving income from their family trust.
“Michael Jackson’s family trust remains unfunded,” she said in the petition filed in Los Angeles County Superior Court and reviewed by The Times.
According to Paris, the executors said in 2011 that they would file a petition to begin funding the trust. Apparently, no such request has been filed: “Fifteen years later, Michael’s beneficiaries are still waiting. »
Lawyers for the executors did not immediately respond Tuesday to The Times’ request for comment.
Jackson said his father, who died in June 2009, wanted his children to begin receiving money from the estate each of their 21st birthdays and that each child would also receive “principal distributions” from the trust when they each turned 30. Prince and Paris (born to singer and ex-wife Debbie Rowe) are 29 and 28 years old, respectively. Bigi is 24 years old and was born via surrogate mother.
“Instead, they receive lesser amounts dictated by the remaining executor, who uses this power to deter them from controlling his abuses,” the Paris petition claims.
The executors of Michael Jackson’s estate began generating cash in 2011, including the sale of the singer’s Neverland ranch in 2020 and the $750 million deal with Sony for intellectual property assets. “The executors have claimed that the overall value of the estate is now between $2 billion and $3 billion,” Paris said in his filing.
“The executor continues to hold each beneficiary accountable with an iron fist over when and if funds are distributed to them,” the petition adds.
The “Sirens” and “Always” singer also accused the executors of responding to her previous legal challenges with “scorched earth litigation, public attacks and cutting millions” of money for herself and her siblings.
Paris also noted in his petition that the estate was the subject of litigation by the Internal Revenue Service and said the litigation also “appears to be near or nearing completion,” potentially freeing up funds to transfer to the family trust. The estate said in a statement that it cannot “fully” fund the trust until “several legal issues are resolved,” including this matter with the IRS, People reported.
“The estate was able to obtain a ruling significantly reducing this amount, but the matter has not been resolved and could still change,” the estate added in its statement to People. He also denied allegations of withholding or reducing payments to the three children.
Jackson is asking the court to order the executor of his father’s estate to make a preliminary transfer of $600 million, or any other amount he deems appropriate, to the Michael Jackson Family Trust. The next hearing in the case is scheduled for Wednesday.
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