Sony Music agreed to hand over the three quarters of a billion dollars for the King Of Pop’s half-share of the famous Sony/ATV Music Publishing catalog, which features hundreds of hits from stars like Bob Dylan, Eminem and Taylor Swift.
The whopping cash pay out, now with the other deals brokered by the estate, means that Jacko’s kids are sitting pretty on a billion dollars in the bank.
Big money: The estate of Michael Jackson (above in March 2009) has sold his stake in the Sony music catalog to Sony corporation for $750million
Big money: The estate of Michael Jackson (above in March 2009) has sold his stake in the Sony music catalog to Sony corporation for $750 million—
Estate executors John Branca and John McClain have worked since the star’s death to clear his $300m debts, pay taxes and bring his bank balance into the black. It’s estimated this Sony contract means that Jacko’s three kids Prince, Paris and Blanket are sitting pretty with around $1.3bn in the bank.
However the bad news for the trio is that under their dad’s own wishes as expressed in his will, none of them automatically inherit their share until they turn 30.
In his 2002 will Jackson outlined that each child can bank a third of their share aged 30, another half five years later and finally the remaining portion on their 40th birthday. As Prince is the oldest it means that he will have to wait until 2027 to cash in.
However estate executors can listen to requests for handouts from each kid at the ages of 21, but are under no obligations to hand over money.
Last night a legal insider close to The Jacksons revealed: ‘With all those deals that the estate have made including the films, video games, Cirque Du Soleil and multi album deals the bank balance is looking strong at well over $1.3bn.
‘They really kids sitting on a billion dollar future – none of them need work again in their lives. It has been a remarkable turn around given that the estate only valued his business at around $3m at the time of his death due to his debts.
‘However the terms of Michael’s will clearly state that getting hold of the money will still be a long time coming. He wanted the kids to taste life rather than just live off his fortune so he made it that no money could be automatically earned until they were 30.
‘That means all of them have a good opportunity to go out into the world and make a go of things in their industries. The Trust fund documents are very clear. So while they are billionaires on paper in reality that is not quite the case.’
The source added: ‘The kids are already doing well thanks to the estate. They have all their needs paid for with monthly fees of around $80k. They have become settled unlike the nomadic lifestyle they endured in Michael’s final years.’