Paris Jackson, daughter of late pop icon Michael Jackson, seeks more than half a million dollars in a preliminary transfer from her father\u2019s estate to a trust for his three children. Jackson alleged in a recent court filing that the funds are overdue and under the \u201ciron grip\u201d of the estate\u2019s executor.<\/p>\n
The actor-singer on Thursday accused the executors of her father\u2019s estate of failing to fulfill the singer\u2019s wishes for Prince, Paris and Bigi to begin receiving income from their family trust. <\/p>\n
\u201cMichael Jackson\u2019s family trust remains unfunded,\u201d she said in the petition, filed in Los Angeles County Superior Court and reviewed by The Times. <\/p>\n
According to Paris, executors said in 2011 they would file a petition to begin funding the trust. Allegedly, no such petition has been filed: \u201cFifteen years later, Michael\u2019s beneficiaries are still waiting.\u201d<\/p>\n
Attorneys for the estate\u2019s executors did not immediately respond on Tuesday to The Times\u2019 request for comment. <\/p>\n
Jackson said her father, who died in June 2009, wanted his children to begin receiving money from the estate on each of their 21st birthdays and that each child would also receive \u201coutright principal distributions\u201d from the trust when they each turned 30. Prince and Paris (born to the singer and former wife Debbie Rowe) are 29 and 28, respectively. Bigi is 24 and was born via surrogate.<\/p>\n
\u201cThey instead receive lesser amounts dictated by the remaining Executor, who uses this power to deter them from checking his abuses,\u201d Paris\u2019 petition alleges.<\/p>\n
The executors for Michael Jackson\u2019s estate began generating liquidity in 2011, including the sale of the singer\u2019s Neverland Ranch in 2020 and the $750-million deal<\/a> with Sony for intellectual property assets. \u201cExecutors have claimed the overall value of the Estate is now between $2 billion and $3 billion,\u201d Paris said in her filing. <\/p>\n \u201cExecutor continues to keep each beneficiary beholden to him with an iron grip over when and if monies are distributed to them,\u201d the petition added.<\/p>\n The \u201csirens\u201d and \u201cevermore\u201d singer also accused the executors of meeting her previous legal challenges<\/a> with \u201cscorched earth litigation, public attacks, and a multimillion reduction\u201d in money to herself and her siblings. <\/p>\n Paris also noted in her petition that the estate was subject to litigation by the Internal Revenue Service and said that litigation \u201calso appears to be at or nearing its end,\u201d potentially freeing up funds to be transferred to the family trust. The estate said in a statement that it cannot \u201cfully\u201d fund the trust until \u201cseveral legal matters are resolved\u201d including that case with the IRS, People<\/a> reported. <\/p>\n \u201cThe Estate was able to secure a ruling to significantly reduce that amount, but the matter has not been settled and could still change,\u201d the estate added in its statement to People. It also denied allegations of holding back or reducing payments to the three children. <\/p>\n Jackson asks the court to order the executor of her father\u2019s estate to make a preliminary transfer of $600 million, or another amount it deemed fit, to the Michael Jackson Family Trust. The next hearing for this case is scheduled for Wednesday. <\/p>\n","protected":false},"excerpt":{"rendered":"Paris Jackson, daughter of late pop icon Michael Jackson, seeks more than half a million dollars in a…\n","protected":false},"author":2,"featured_media":674243,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[321,29977,285635,93,27253,285634,29927,7810,61,60,285636,39478,285633,38668,142344,671,19695,10103,37322],"class_list":["post-674242","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrities","tag-celebrities","tag-child","tag-earth-litigation","tag-entertainment","tag-executor","tag-family-trust","tag-father","tag-fund","tag-ie","tag-ireland","tag-less-amount","tag-michael-jackson","tag-mj-estate","tag-paris-jackson","tag-petition","tag-prince","tag-singer","tag-times","tag-trust"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/674242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=674242"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/674242\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/674243"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=674242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=674242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=674242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}