Blanket Jackson, the young son of the late Michael Jackson, has intervened in a financial dispute that involves his trust fund and grandmother, Katherine Jackson. Disclosed legal documents indicate that he is concerned with Katherine’s usage of the estate’s funds to cover continuous litigation costs.
It seems that Katherine and the co-executors of her son’s estate, John Branca and John McClain, have been embroiled in a disagreement over the management and distribution of assets. While the details remain confidential, it is evident that Katherine filed a lawsuit alleging a breach of fiduciary duty by the co-executors.
These ongoing legal battles, according to Blanket, potentially put his inheritance at risk. The future of the estate remains uncertain as the legal proceedings continue with no clear end in sight.
Interestingly, initial documents suggest that Michael Jackson’s children had supported their grandmother’s objections, but later accepted the verdict once it was approved by the probate court.
Blanket Jackson steps into family finance feud
This experience seems to have provided the young inheritors a complex lesson regarding legal matters and their potential impact on inheritance.
Apart from this legal wrangle, there is speculation around a potentially record-breaking deal involving a $600 million sale of part of Michael Jackson’s music collection to Sony. However, this hard-hitting agreement awaits approval from various authorities and once sanctioned, it could turn out to be one of the most monumental deals in music industry history.
Despite the legal complexities following his demise, the King of Pop’s estate has generated a staggering $1.7 billion in revenue. This includes earnings from his vast musical collection, posthumous merchandising, and property sales such as the iconic Neverland Ranch. It’s a testament to his lasting popularity and influence even after his passing.
As per Michael’s will, Katherine Jackson was entrusted with the responsibility of guiding his children and his vast wealth bequeathed to them. As the legal battles persist, the responsibility bestowed on the young Bearers of his legacy seem to carry heavier weight everyday.
