When the “King of Pop” Michael Jackson passed away five years ago, he left his three children a significant estate which has continued to grow and now bestows an $8 million annual allowance on the trio.
Sources close to the family told media outlets that Prince, 17, Paris, 16, and Blanket, 12, take full advantage of the money at their disposal.
Marc Schaffel, a former friend of the singer and the man now engaged to Jackson’s ex-wife Debbie Rowe, told The New York Post that the Jackson children have followed in their father’s footsteps of lavish spending.
Prince has used his share of the money to impress the ladies. According to Perez Hilton, the eldest son has dished out more than $50,000 for custom made jewelry for three of his former girlfriends, and also purchased a Ford truck costing $60,000. However, he eventually wants to save up enough money to purchase Neverland Ranch, his father’s estate.
More funds went to pay for a six-figure therapeutic boarding school that treated Paris’ suicide attempt last year, according to the Post. She also is generous with her friends, racking up purchases on footwear and athletic gear. The youngest, Blanket, has used his money for a $200 per hour personal trainer and karate lessons. He also shows love for his cousins by paying to go to expensive restaurants, Perez Hilton reported.
Collectively they take three vacations a year to locations such as Hawaii and Las Vegas. In Hawaii they spent $350,000 on chauffeurs, body guards and airfare travel. In Las Vegas, they have stayed in luxurious suites that run from $4,000 to $5,000 per night.
Despite the spending, many see the kids as being more frugal than their father.
Jackson was a heavy spender and treated his close friends very well. The Post reported that he paid Elizabeth Taylor and Marlon Brando $1 million each to perform at his 30th anniversary concert in New York, and once spent $90,000 on child star and friend Macaulay Culkin at a Hawaii resort in 1991.
Michael Jackson’s Children. Photo:AP
Jackson’s will dictates that his children will split half his estate, currently valued at $2 billion, when they turn 33, and will divide the remainder when they turn 40.