Paris Jackson has alleged that her inheritance from her father, Michael Jackson, has been mismanaged.
The King of Pop died at the age of 50 in 2009, leaving behind three young children, Prince, 28, Paris, 27, and Bigi (formerly known as Blanket), 23, with his second wife, Debbie Rowe.
The trio were just children at the time of his death, with Jackson’s large estate managed by executors.
However, on November 18, Paris has now alleged in an objection filed at the Los Angeles court that money has been mismanaged.
She alleged that ‘enormous sums of cash’ of around $464 million (£353m) remains uninvested by co-executors John Branca and John McClain.
The sum has reported a gain of less than 0.1% due to ‘unproductive investments’ with the suggestion that the money could have generated $41m (£31.3m) in profits if invested properly.
The filing reads: ‘Paris is increasingly concerned the Estate has become the vehicle for John Branca to enrich and aggrandise himself, rather than serve the beneficiaries’ best interests and steadfastly preserve her father’s legacy.’
The filing also alleged that the executors pocketed over $10m ($7.6m) in compensation in 2021.
They allege this is ‘more than double the amount distributed to any beneficiary from the family allowance’.
And in addition to this sum, it was suggested that an estimate of the executors’ total compensation up to 2021 is $148.2m (£113m).
The filing states this ‘dwarfs any amount distributed to Paris or her siblings.’
The executors have not yet disclosed accounting for 2022, 2023, 2024, or 2025, with claims from Jackson that executors are dragging their feet, so they ‘indefinitely’ keep the estate open and invest in high-risk projects.
One such project is the new Michael Jackson biopic, Michael, in which John Branca cast Eternity star Miles Teller as himself.
It was alleged that this was a ‘risky’ investment due to the executors lacking the necessary industry experience.
‘It appears that Mr Branca used his position as an Executive Producer, a role he has never before performed in connection with any dramatic feature film, to cast the sole A-list actor in the production, Miles Teller, to play himself in the upcoming feature biopic,’ the objection reads.
It should be noted that the biopic will also see Sing Sing’s megastar Colman Domingo playing Michael’s father, Joe Jackson.
However, a source close to the Jackson estate told People: ‘The fact is Paris Jackson’s lawyers lost their latest case against the Estate and have been ordered to pay the Estate’s attorneys’ expenses.
In a statement to the Daily Mail, a spokesperson for Paris Jackson said: ‘This order is limited to minor procedural issues and does not change the facts: the pattern of behaviour displayed by the executors and their attorneys raises significant red flags, and Paris will continue working to ensure her family is treated fairly. We will be submitting an updated filing shortly.’
‘All the beneficiaries are well taken care of by the Estate. This is a weak attempt to change the narrative of their loss.’
Despite being a legendary singer with numerous albums and sold-out tours, Jackson was in $500m (£381m) of debt when he died.
Executors previously pushed back at Paris’s ‘knowingly false’ claim earlier this year that they had given $625,000 (£476,750) worth of gifts to law firms.
They claimed Paris has received approximately $65m (£49.6m) in benefits from her father’s estate.
‘Few have benefited more from the Executors’ business judgment than Petitioner herself, who has received roughly $65m from the Estate in benefits,’ a filing from October 14 alleged.
‘She would have never received that had the Executors followed a typical playbook for an estate like this one in July 2009.’
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