Paris Jackson has asked a Los Angeles probate court to order a $600 million payout from Michael Jackson’s estate into the family trust meant to support her and her brothers. She says the trust remains unfunded 17 years after the singer’s death. Her petition, filed October 29 and reviewed by TheWrap, argues that Jackson intended his children to draw income from the trust at 21 and principal at 30.
Those first dates have passed for her and her brothers, Prince and Bigi. Prince turns 30 in about four months, Paris turns 29 in April and Bigi turns 25 in February. The filing says estate executors told the court in 2011 they planned to seek a preliminary distribution, then never presented a funding plan. “That needs to change,” it states.
Her lawyers say the estate has the cash. They point to asset sales and deals, including the sale of its stake in EMI Music Publishing, the sale of Neverland Ranch and a transaction with Sony over the singer’s music rights. After accounting for possible liabilities, the filing says, the estate holds about $600 million in distributable cash. It also accuses the remaining executor of using payment control to discourage scrutiny. Reports identify the executor as John Branca.
The estate rejects that account. In a statement to People, it said it cannot fully fund the trusts until other matters conclude, chiefly its dispute with the Internal Revenue Service, which sought $700 million in taxes and penalties. The estate said it won a ruling that significantly cut that figure, but the case is not settled and could still change. It called the claim that it withholds or reduces payments a “complete fabrication” and said none of Jackson’s children receives a distribution until their thirties. Reports of the statement add that the estate says more than $200 million has gone to or for the benefit of the beneficiaries.
The filing continues a long dispute. Branca and John McClain have run the estate since 2009, and Paris Jackson has challenged their management, fees and legal payments in several filings. The executors have defended their record, saying they turned an estate burdened with heavy debt into a business worth billions. No hearing date was reported. The court must decide whether to order a distribution while the tax matter remains open.
