Paris Jackson, daughter of the late pop legend Michael Jackson, has reportedly filed a court petition seeking to compel her father’s estate to transfer $ 600 million into a family trust intended to benefit her and her two brothers, Prince and Bigi.
According to the 28-year-old singer and actress, she filed a petition at the Los Angeles Superior Court, asking court to compel the administrators of her father’s estate to fund the trust, where she accused John Branca of keeping the Jacksons from receiving their rightful inheritance.
Branca was hired by Jackson in 1985, before resigning over financial disagreements in 2006, only to rejoin the team in 2009 eight days before the singer’s death.
Michael Jackson was worth over $ 500 million at the time of his death at age 50. Since then, his estate spanned a lucrative intellectual property, music publishing catalogs and high-profile real estate generating between US$2.5 billion and US$3.5 billion, making it one of the most profitable estates in the entertainment industry.
Paris argues there is no legitimate reason for the funds to be withheld given the billions generated since her father’s death 17 years ago.
In the petition filed to the court, Paris’ siblings, 29-year-old Prince Jackson and 24-year-old Bigi Jackson are not named.
The estate’s administration has disputed Paris’s allegations and maintains that the financial situation is more complicated than her petition suggests.
The estate previously faced a significant tax dispute involving hundreds of millions of dollars in alleged tax liabilities and penalties connected to the valuation of Michael Jackson’s assets.
According to Paris legal team, they argue that these substantial financial resources demonstrate that the estate can afford to fund the family trust.
Paris argues that the Jackson siblings were intended to receive one-third of the principal in their trusts by the time they turned 30, half of the remaining shares at 35, and the remainder at 40.
