Michael Jackson’s children to become trust fund billionaires
Michael Jackson’s children to become trust fund billionaires after singer’s estate sells stake in Sony music catalog for $750 Millon – but they’ll have to wait until they’re 30. Jackson’s estate sealed a whopping $750m deal for his share of his Beatles music rights. Sony Music paid the staggering sum for Jackson’s half-share of the Sony/ATV music Publishing catalogue, which features hundreds of hits from stars like Bob Dylan, Eminem and Taylor Swift.
Michael Jackson’s three children
Paris, 16 and
Sony Corp. purchased Jackson’s music catalog for $750 million giving the company full rights of the Sony music, but does not include Jackson’s master recordings, songs he wrote or his estate’s stake in EMI Publishing, Inc.
And his kids no longer have to worry about their father’s debt, since it’s basically been erased.
“With all those deals that the estate have made including the films, video games, Cirque Du Soleil and multi-album deals the bank balance is looking strong at well over $1.3billion,” a legal insider close to The Jackson’s told The Associated Press.
“They really kids sitting on a billion dollar future – none of them need work again in their lives. It has been a remarkable turn around given that the estate only valued his business at around $3m at the time of his death due to his debts.”
But, Jackson’s children can’t access it all right away since he had clear rules in his will stating he wants his kids to live a little first.
“He wanted the kids to taste life rather than just live off his fortune so he made it that no money could be automatically earned until they were 30,” the insider continued.
“That means all of them have a good opportunity to go out into the world and make a go of things in their industries. The Trust fund documents are very clear. So while they are billionaires on paper in reality that is not quite the case.”
The children can’t access their trust fund until they turn 30-years-old when a third of their share will be open to their access. When they turn 35-years-old, they’ll get half of their allotted fortune and the big jackpot hits when the remaining cash is theirs on their 40thbirthday.
“The kids are already doing well thanks to the estate,” the legal insider continued. “They have all their needs paid for with monthly fees of around $80k. They have become settled unlike the nomadic lifestyle they endured in Michael’s final years.”
His 2002 will stated
His 2002 will stated that each of the children will get a third of their share at 30, another half five years later and the remainder on their 40th birthday.