Nearly 17 years after the death of pop icon Michael Jackson, disputes over his assets continue. His daughter Paris Jackson has now approached a Los Angeles court against the executors of her father’s estate, filing a legal petition seeking the immediate transfer of about $600 million, over Rs 5,000 crore in Indian currency, from the estate to the family trust.
Michael Jackson died suddenly in June 2009 at the age of 50. He had three children: Prince, Paris and Bigi. After his death, a special family trust was set up for the children’s future. Under its terms, once the children turn 21, their share of the trust’s income must be paid out regularly. Paris Jackson is now over 28, and she has expressed serious dissatisfaction that, despite having crossed the age threshold, the income due to her from the trust is not being received properly.
Billions of dollars in revenue are flowing into the estate through Jackson’s legacy music deals and large property sales. Paris alleges that although the estate is earning such huge profits, no income is being credited to the family trust. She has therefore asked the court to shift $600 million from the estate’s funds to the trust.
The estate’s executors have flatly rejected the demand. They say several legal complications remain pending and that no funds can be released to the trust until all of them are cleared. With the estate bringing in record collections worldwide while his heirs go to court over their rights, the high-profile legal battle has become a hot topic in Hollywood circles.