MICHAEL Jackson’s kids are penniless on paper — until their famous dad’s £400million estate is sorted out.
A trust fund for Prince, 15, Paris, 14, and nine-year-old Prince Michael II – known as Blanket – is empty as lawyers sift through the late singer’s debts and legal bills.And it could be up to five years before a penny of the fortune amassed from his recordings and assets goes into the fund.
The three children are living on an allowance which is tightly controlled by estate executors and overseen by a judge.
Estate lawyer Howard Weitzman said: “The probate is still pending, and although almost all of Michael’s personal debt has been or is about to be paid in full, the estate is technically still in debt.
“Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order.”
He refused to be drawn on the size of the leftover fortune expected to flow into the trust fund.
“It’s too early to speculate on any precise number for a value. It will be a substantial number, I’m certain.”
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