The dispute over the real size of the inheritance drags on and blocks the heirs’ access to the money
The heirs of Michael Jackson the American IRS prevented them from accessing the assets and receiving money administered by a fund left by the singer. Plea is a process for calculating the true value of assets and determining what taxes still need to be paid.
The information was revealed from court documents obtained by the North American magazine People. A tax audit concluded that the trustees underestimated the true value of Jackson’s estate and that he would have to pay $700 million – about R$3 billion – in unpaid taxes and fines, the lawsuit indicates.
In 2021, the administrators of Michael’s inheritance fund contested the accusation and won in court. The court then asked for a new calculation to find out how valuable Jackson’s catalogs and musical assets are. So far, however, the value has not been presented.
In practice, this means that Prince, 27, Paris, 26, and Bigi Jackson, 22, heirs of singer Michael Jackson, and Katherine, 94, mother of the King of Pop, are prevented by the courts from receiving a penny of the inheritance until the amount of taxes due is defined. The decision was issued on Tuesday 28th.
Michael Jackson died in June 2009, at the age of 50, of cardiac arrest after ingesting anesthetics. In February, Sony bought half of the artist’s music catalog for $1.2 billion.
Source: Terra
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
