PARIS JACKSON DEMANDS $600M FROM FATHER'S ESTATE TRUST
Paris Jackson has filed a petition at Los Angeles County Superior Court demanding that $600 million, around £450 million, be transferred from her father Michael Jackson's estate into the Michael Jackson Family Trust. The petition states that the trust "remains unfunded" more than seventeen years after the singer's death in June 2009. It claims the estate has generated billions of dollars since his death. Paris is asking a judge to order a partial distribution of the estate's assets to the trust. The trust was established to provide for Michael Jackson's three children, Prince, Paris and Bigi.
Under the terms set out in the filing, the siblings were due to begin receiving income from their respective shares of the trust once they turned 21. They were also meant to receive outright distributions of principal when they turned 30, with further portions released at 35 and 40. The petition says this milestone is now approaching for all three children. "Prince turns 30 in four months, Paris turns 29 in April, and Bigi turns 25 in February," the filing states.
The claims are set out in a 14-page document filed with the court. It accuses the estate's executors of boasting, in previous submissions, about departing from "the conventional approach" of selling the estate's assets after Michael Jackson's death to pay off his debts and claims. Michael Jackson died in June 2009 after being administered propofol by his physician, Dr Conrad Murray, and authorities ruled his death a homicide. Paris Jackson's petition asks the court to order that the trust receive a portion of the estate's assets without further delay.