14 DAY TRIAL // If you ever wonder where all that money from the Michael Jackson estate are going, you're going to be in for a surprise. It turns out that Michael's children get a hefty paycheck every year as allowance, but it's still not big enough to cover all of their needs.
The New York Post claims that the teenagers are blowing through their father's millions faster than the money can be piled up. Keep in mind that the estate is very hard at work trying to make a profit, even after five years since Michael's death.
Just last month, the superstar was present at the 2014 Billboard Music Awards, in the form of a hologram performing his latest song on stage. Yes, as it turns out, Michael is still recording album after album, despite the fact that his heart stopped beating on a June day five years ago.
The fact that the children's income has been increased considerably, from a $5 million (€3.6 million) stipend they used to share to the whopping $8 million (€5.8 million) each year, has still proven insufficient for their ever growing needs.
We are given a few examples on what blows that huge budget. For Prince, a big chunk goes on education, as it's reported that he pays up to $300,000 (€219,874) in tuition for a private school. For Paris, who had a suicide attempt in 2013, the bill runs into the six figures, as she's boarded at a special therapeutic school in Utah.
Prince also spends a significant amount of money on expensive gifts to ladies he's trying to impress. He's reportedly blown several hundreds of thousands of dollars on custom-made jewelry and other gifts including a new Ford pick-up truck, in an effort to impress at least three girls.
As a bonus, the family also takes several vacations every year, all of which cost just under half a million dollars. This is made up of bodyguards expenses, relatives tagging along, chauffeurs, first class airfare, not to mention some very expensive amenities.
The financial issues in the Jackson family have become a lot more tranquil after the Jackson brothers have found their own financial ventures, leaving grandmother Katherine to administer the children's money.
Ironically, it's mentioned that the children spend way less than their dead father used to do when he was alive: “They’re not [as bad] as their father . . . They also seem to have more of a sense as to when they may be going overboard,” said one source.
Michael used to blow millions on friends. It is famously reported that, one time, he gave one million dollars (€732,912) each to Marlon Brando and Elizabeth Taylor just to appear at his 30th anniversary concert in New York.