Michael Jackson's Kids And Mom Tied Up In $2 Billion Estate Freeze Out Due To IRS Problems

Late legend Michael Jackson's $2 billion estate is tied up in an ugly dispute with the IRS over taxes, which has reportedly left the King of Pop's three adult children and ailing 94-year-old mom scrambling for cash while they're iced out of their inheritance, RadarOnline.com has learned. Jackson matriarch Katherine and Michael's kids Prince, 27, Paris, 26 and 22-year-old Bigi, who is also known as Blanket were said to be blindsided by a bombshell legal filing on May 28In court documents, Jackson's executors John Branca and John McClain argue they cannot "possibly determine what amount could be safely distributed" to the four heirs from their tremendous trust fund until the feds decide on the exact value of Michael's roughly $1.2 billion-plus music catalog half of which is being sold to Sony, according to the Globe. The filing states the IRS had previously declared the estate "undervalued its assets" and owed "an additional $700 million in taxes and penalties, But in 2021, that ruling was overturned and the executors filed a motion for the IRS to reexamine the worth of Michael's tunes, including hits such as Thriller and Beat It. A family member squealed, "This situation has put the kids and Katherine in financial straits. There's a real possibility of them running out of cash before it's resolved because they don't exactly live frugal lives. "The kids are used to opulence and luxurious living and Katherine's medical bills are enormous for virtually around the clock care," the family member added. A spokesperson for the estate insisted lucrative allowances are being provided to the group until the IRS squabble is settled and the executors claimed "virtually no request of Mrs. Jackson for her care or maintenance has been declined," adding she's received more than $55 million since the singer's overdose death at age 50 in 2009. The spokesperson also insisted state law, not executors, are tying up the cash. 

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