Paris and Prince Jackson

The late Michael Jackson's three children are already wealthy beyond their wildest dreams. But a recent cost of living adjustment has increased their yearly allowance from a modest $6 million to over $8 million annually. Family friends say the kids are taking full advantage of the boost in their allowance.

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Prince Jackson

Unlike Prince Hakeem of Zamunda, Michael Jackson's son Prince Jackson works for a living. 16-year-old Prince was seen leaving his job after working the day shift at a fast food joint in a strip mall in Beverly Hills, California. The 3 Jackson children can't touch their multimillion dollar inheritance left to them by their father until they are 18. Which means Prince will be punching his time card until February 13, 2015.
Photo: MCGM & JD's Pht BX / Splash News

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The King of Pop, Michael Jackson, was finally laid to rest last night more than two months after he died at age 50 of an apparent cardiac arrest on June 25th. Jackson was interred in a crypt alongside Hollywood legends such as Clark Gable, Marilyn Monroe, David Carradine, Sammy Davis Jr., and others following a private sunset ceremony at the Forest Lawn Memorial Park in Glendale, California.

The guests were limited to family members and close friends, including Berry Gordy, who signed 10-year-old Michael and his brothers to a recording contract in the late 60s, and Gladys Knight, who discovered the Jackson 5. Knight sang "His Eye Is On The Sparrow" at the ceremony.

Others attending the funeral included Michael's friends music producers Quincy Jones and Teddy Riley, actors McCauley Culkin, Elizabeth Taylor, Corey Feldman, Clifton Davis (who sang the Jackson 5 hit "Never Can Say Goodbye" -- a song he wrote); actress LisaRaye, comedian Chris Tucker, industry veteran Suzanne de Passe, the Jackson 5's road manager and mentor; Lisa Marie Presley, one of Jackson's former wives, the Rev. Al Sharpton, and others. Jackson's longtime friend Diana Ross did not attend.

Michael's brothers Jackie, Tito, Jermaine, Marlon, Randy, and the two boys Michael raised as his own -- Prince Michael I and Michael II., all wore black suits with red ties, black arm bands and a single white sequined glove. The funeral was delayed over two months due to a rift between Michael's mother Katherine and his brother Jermaine over the final burial plans.

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According to TMZ.com, a California judge has just named Michael Jackson's mother Katherine Jackson permanent guardian over the 3 children her son raised since birth.

Katherine will also receive 83.5% of the monthly allowance she had requested for the children's support and maintenance. The exact amount wasn't discussed in open court.

The judge gave the order after stifling objections from Debbie Rowe's attorney. Rowe's attorney had asked the judge to delay granting permanent guardianship to Jackson today. Earlier, Rowe and Katherine Jackson reached a custody agreement outside of court for the two kids she gave birth to.

Rowe, 50, and Michael Jackson entered into a bizarre agreement in 1996 to provide children for him in exchange for millions of dollars in spousal support. The two were briefly married, but Rowe told friends they never consummated their marriage. Rowe has admitted she was artificially inseminated.

Rowe and Jackson were granted a divorce in October 1999 and Rowe recived an $8-million settlement. The judge ruled today that she will continue to receive payments under the settlement. Rowe was also granted visitation rights.

Jackson died at age 50 on June 25 after suffering a cardiac arrest. His death has been ruled a homicide and is under investigation by local and federal authorities.

The kids Prince Michael, 12, Paris Katherine, 11, and Blanket, 7, whose mother is unknown, will be be raised mainly by Katherine and Joe Jackson's eldest daughter Rebbie. The children will continue to live with Katherine on her sprawling Hayvenhurst estate in Encino, California where Michael and his siblings were raised in the 70s.

Photo: INF DAILY

LaToya Jackson, the older sister of late pop legend Michael Jackson, told a British newspaper that her nephew Prince Michael II, aka Blanket, is not her brother's biological son.

We already knew that, but there are some who choose to ignore reality and stubbornly cling to the hope that a black man can sire Caucasian babies.

"Blanket is adorable and is coping fine." La Toya reveals how Jackson's youngest son came from a donor egg and donated sperm.

She says: "Michael didn't want to know who the biological parents were. They took eggs from a donor and I believe the sperm came from one of five donors picked from a book. I don't know who carried the child and if the surrogate knew whose child she was carrying.

"Michael was proud of Blanket and of all of his children. They were his prime concern." READ MORE...