It is very likely that after the legal dust settles, there will be little if anything left for Michael Jackson’s three children. His lavish lifestyle had left the ‘King of Pop’ struggling to stabilise his personal finances with his estate an estimated $500million in debt.
He is said to have become increasingly dependent on a circle of benefactors in recent years, who kept him from financial ruin.Even at his death he still made an annual income estimated at $19million, but was said to be spending $20m-$30m in excess per year.
He found a benefactor in Sheik Abdulla bin Hamad Al Khalifa, but the relationship soured and the second son of the King of Bahrain sued the singer for $7million, claiming he had given him millions of dollars to pay off debts, record an album, write his autobiography and subsidise his lifestyle.
Jackson is survived by Prince Michael, 12, Paris, 11, and seven-year-old Prince Michael II, known as Blanket.
It is not yet known who will take care of them, but a source close to his family said his ex-wife Debbie Rowe is expected to receive initial custody while long-term arrangements are sorted out.
June 26, 2009 at 6:56 am
Too bad!!
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