Almost 15 years after the sudden and sad demise of the king of pop, Michael Jackson, his estate valued at close to an astronomical 1.2 Billion Dollars, still remains a contentious issue for the beneficiaries.
The beneficiaries are largely is three children Paris, Prince and Blanket. Blanket, now known as Bigi, arrived via surrogate to join older siblings Prince and Paris in 2002.
Michael’s mother Katherine Jackson, has an officer role in the Jackson estate and a reported 10 percent stake.
Things came to a head in March this year, over the reported $600 million sale of half of Jackson’s music assets to Sony Music Group.
According to reports and subsequent court fillings, it is understood that Katherine Jackson was asking a Los Angeles court to hold Michael Jackson’s estate executors in contempt of court for closing the music deal without her consent while waiting on a separate appeal about the transaction.
Katharine is now demanding more than $5 Million from her late son’s estate to help cover legal bills procured while battling the estate executors regarding the deal, In Touch confirmed.
In response, Michael Jackson’s estate claimed that ‘Granny’s got the bag’ and that Katherine, has received over $55 million since the King of Pop’s 2009 death, per TMZ.
The whole situation is rather complicated, as Michael’s son, Blanket (Bigi) was earlier working in tandem with his grandmother against the executors of Michael’s estate, but he later he left her.
But close family sources say this is not really about Bigi, now 22, trying to deny his grandmother anything. Rather, it’s about trying to wean the extended family off Michael’s legacy.
“Bigi isn’t going against his grandmother. Bigi is really trying to protect his grandmother in the same manner that Michael did, which is to protect her from the Jacksons!” a long-time family associate told The Post.
“It’s the same s–t,” the associate said, alleging that some relatives get money from the trust via soft-hearted Katherine. “Now, instead of letting Mrs. Jackson live out her years in relative peace, you still have certain family members using this elderly woman to get more money — and it’s none of their business, as usual.”
