Serious trouble in paradise for late legendary pop icon Michael Jackson's kids as they could be left penniless following the bills their late father owes. Their 900 million pounds inheritance and their trust funds(which they would only be able to access at age 30) are about to be taken from them. Sources have it that tax authorities in America are after the late singer's estate for about £555 million while it's also believed that the late Jackson owed more than £300 million in other debts.
Right now on paper the kids are like billionaires but soon they will barely have that kind of money in their accounts, no thanks to the big tax bills they have to settle.
A source revealed that “The IRS (Internal Revenue Service) had been public about their demand asking for as much as £555 million, with more charges coming for late payments."
Also, the singer's stake in Sony/ATVMusic Publishing was recently sold for $750m (£526m), after he originally paid $41.5 for the rights. It's believed that the tax on the deal will total roughly £70 million.
The source added: “The estate has challenged that enormous figure, but the Sony deal simply ups the amount they owe.”