Paris Jackson has taken legal action seeking the transfer of approximately $600 million from her late father Michael Jackson's estate into a trust that was established for his three children.
Paris has argued that the trust was specifically created to provide financial support and long-term security for Michael Jackson's children, but has yet to receive the funds that were intended to be placed into it. The request comes more than 17 years after Michael's death in June 2009.
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The 28-year-old maintains that the estate has generated billions of dollars in revenue over the years through music sales, licensing agreements, business ventures and other commercial projects tied to Michael Jackson's legacy. Despite those earnings, she claims that the family trust remains unfunded.
The trust was established to benefit Jackson's three children, Prince Jackson, Paris Jackson and Bigi Jackson, formerly known as Blanket.
Court filings state that the arrangement was designed to provide the siblings with income from their individual trust shares once they reached the age of 21.
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In addition to those annual income payments, the trust reportedly outlined a schedule for the gradual release of principal funds at key stages in their lives. The siblings were expected to receive an initial portion of their inheritance at age 30, followed by further distributions when they turned 35 and 40.
Paris stated prolonged delay has prevented the trust from operating in the way it was originally intended. She is now asking the court to ensure that the funds are transferred so that the terms of the estate plan can finally be carried out.
Jackie Jackson, Randy Jackson, Paris Katherine Jackson, La Toya Jackson, Janet Jackson, Rebbie Jackson. Photo credit: Everett Collection, Shutterstock
The latest legal development adds to the ongoing management of Michael Jackson's vast estate, which has remained highly profitable since his death. The estate has overseen numerous projects over the years, including music releases, licensing deals, stage productions and other ventures that have continued to generate significant income.
While the court has yet to rule on the request, Paris's filing highlights growing concerns about the trust's funding status and raises questions about why the transfer has not been completed despite the passage of nearly two decades.
Prince Michael, Blanket and Paris Jackson Editorial credit: Tinseltown / Shutterstock.com
As proceedings continue, attention will be focused on whether the court agrees that the funds should now be moved into the trust established for Michael Jackson's children and whether any further action will be required to resolve the long-running issue.
