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Paris Jackson has approached a Los Angeles court seeking a $600 million transfer from her late father Michael Jackson’s estate to a family trust set up for her and her brothers. Read on to know more.
Paris Jackson has moved court, seeking $600 million from her late father Michael Jackson's estate. In her petition, the singer said the amount should be transferred to the family trust created for her and her brothers, Prince Jackson and Bigi Jackson.
As per court papers filed October 29 in Los Angeles, the 28-year-old claimed the trust has yet to receive funds even though the estate has earned heavily since 2009.
As per PEOPLE, the court documents state that Paris has questioned why the transfer has not taken place despite the estate's considerable financial resources. She has also accused longtime estate executor John Branca of having excessive control over the funds and deciding when and how much money is made available to the beneficiaries.
The petition states that Michael Jackson had made provisions for his three children to benefit from the family trust. Under its terms, they were supposed to start receiving income from their respective shares at the age of 21. They were also entitled to receive portions of the principal amount in stages, beginning at 30, followed by further distributions at 35 and 40.
However, Paris claims that these arrangements have not been implemented as intended. The filing states, “More than seventeen years after his passing, Michael Jackson’s family trust remains unfunded.”
Also Read: Michael Jackson sexual abuse allegations: Second family of late pop icon share new details
The petition also highlights the approaching birthdays of the three siblings. Prince is expected to turn 30 in four months, while Paris will celebrate her 29th birthday in April and Bigi will turn 25 in February.
Paris has alleged that the absence of funding has left the siblings dependent on Branca's discretion for financial distributions. Her legal team has further claimed that the amounts received by the children have been considerably smaller than what their father's estate arrangements provided for.
The latest petition comes amid an ongoing disagreement between Paris and the estate's management over its financial administration. Over the past year, she has raised concerns about Branca's handling of the estate, including alleged “non-contractual gifts” to colleagues.
Paris has claimed that her objections were met with legal disputes and public criticism. She has further alleged that the amounts distributed to her and her brothers were reduced by millions of dollars after she sought legal assistance to challenge the estate's administration.
The petition states, “This course of conduct and administration should not continue.”
The estate's representatives have disputed Paris' claims. In a statement to PEOPLE, the estate specifically pointed to its ongoing dispute with the Internal Revenue Service (IRS), which had sought $700 million in taxes and penalties.
“The Estate was able to secure a ruling to significantly reduce that amount, but the matter has not been settled and could still change,” the estate said.
It also rejected allegations that Branca had withheld or reduced payments to Michael Jackson's children, calling the claim “a complete fabrication”. The representatives further stated that more than $200 million had already been distributed to or for the benefit of Paris and the other beneficiaries.
Paris' spokesperson also responded to the estate's statement, saying, "The Estate is once again deflecting from its own incompetence. Paris called for the trust to be partially funded, something Mr Branca had the ability and obligation to do long ago. After years of delay, Paris had no choice but to step in herself,” as quoted by PEOPLE.
A judge is scheduled to hear Paris' request on December 4.