Michael Jackson's children stand to inherit half of his fortune - but for the time being they are "penniless" and living off an allowance.
Prince Michael, Paris and Blanket haven't seen a penny of MJ's estimated $400 million fortune and currently live off an
allowance tightly controlled by estate executors and a judge, according to The
Sun newspaper.
MJ's kids are unlikely to receive any
money until the King Of Pop's debts are cleared, which could take up to five
years when they will be young adults.
Estate
lawyer Howard Weitzman told the
newspaper: "The probate is still pending, and although almost all of
Michael’s personal debt has been or is about to be paid in full, the estate is
technically still in debt”.
"Once
all of the creditors' claims, taxes and pending litigations have been resolved,
the trusts will be funded per court order”.
Weitzman refused to give an estimate on the
size of the fortune after the debts are cleared, but it is expected to be split
between MJ's mother Katherine - who will get half - and his
three children.
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