Michael Jackson’s kids won’t be seeing his money anytime soon.
Prince, 27, Paris, 26, and Bigi Jackson, 22, along with the late King of Pop’s mother, Katherine, 94, have been cut off from receiving money from his trust until his estate and IRS settle a years-long dispute, per court documents obtained by People Thursday.
Following a tax audit, the estate was “issued a note of deficiency” alleging the estate “undervalued its assets” and owed “$700 million in taxes and penalties.”
According to the filing, the estate argued against the findings in tax court and won in 2021.
The estate has since filed a motion for the value of the “Thriller” singer’s music catalog, known as Mijac, to be reconsidered.
The request is still pending, which means the estate’s value has yet to be finalized for tax purposes.
After the value of the estate is determined, the estate and IRS will have to approve the value of the deduction in order for the final ruling to be made, the documents state.
As the battle continues, attorneys requested a portion of Michael’s estate be distributed to the Michael Jackson family trust, according to the outlet.
However, the request was denied because executors argued that they can’t “possibly determine what amount could be safely distributed at this time.”
Executors further suggested that the estate provide for Michael’s children and mother through the “family allowance,” per the docs.
The ruling comes months after Sony Music Group finalized a deal in February to purchase half of Michael’s music catalog for at least $600 million.
Meanwhile, Bigi has also been involved in an ongoing dispute with his grandmother Katherine after she attempted to use money from the estate to pay legal fees for an undisclosed court battle.
