Michael Jackson’s kids reportedly cost $4.3 million every year. According to court documents, the exorbitant expenses do include school tuition. However, a large portion of the funds are spent on trips, parties, and home renovations.
Paris, Prince, and Prince Michael II are rumored to be worth nearly $1.5 billion. However, they will not have access to their late father’s wealth until they turn 33. They will not have full access to Michael’s estate until they turn 40.
— Michael Chow (@photochowder) August 17, 2015
Michael Jackson’s estate is currently being held in trust. Therefore, all expenses must be reported through the court. Although children are never cheap, Michael Jackson’s kids spend around $4.3 million of their trust fund each year.
As reported by Castanet, their yearly expenses include $595,000 for renovations to their grandmother’s home, $450,000 for renovations to a separate home for the children, $470,000 for staff, $428,000 for a trip to Hawaii, and $140,000 for a private plane.
— BuzzHorn (@buzzhornmedia) July 8, 2015
Although the amounts seem excessive, $4.3 million is just over half the children’s yearly allowance of $8 million.
As reported by the New York Post, the $8 million allowance is in addition to the $1 million Katherine receives each year for expenses related to caring for the children.
Paris, Prince, and Prince Michael II do spend quite a bit of money each year. However, sources said they “are a lot more frugal than their father was.”
In a June 2014 interview, the unnamed source said Michael routinely spent hundreds of thousands on decor, jewelry, and other trinkets.
“There were times he and [Elizabeth Taylor] would be sitting at her house or at Neverland, and she’d be looking through a catalog of jewels and she’d just point out the ones she liked… Once, when she pointed out the jewels, instead of ordering them, Michael hired a private jet and sent two security guys to Switzerland to buy the jewelry… “
Like their late father, Paris, Prince, and Prince Michael II are also generous with their money. Prince, for example, is rumored to have “showered more than $50,000 in custom-made jewelry and other gifts on at least three different girlfriends.”
— Gobari Crown (@Gobaricrown) July 5, 2015
Although Michael Jackson’s kids spend an estimated $4.3 million each year, they are not likely to run out of funds.
[Photo by Tasos Katopodis/Getty Images]