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.
From Yahoo News:
Page Six talks to sources including former Jackson friend Marc Schaffel, who's now engaged to Jackson's ex-wife Debbie Rowe, for details on how the kids spend their money:
-Prince has spent more than $50,000 on custom-made jewelry for three of his girlfriends, plus $40,000 on a new Ford pick-up truck. He wants to save enough money to buy back his father's Neverland Ranch, currently in control of creditors with an asking price of $35 million.
-Paris also likes to buy gifts for friends, including shoes and athletic gear. The annual cost for her to stay at a therapeutic boarding school, following last year's suicide attempt, is also in the six figures.
-Blanket likes to take his cousins to dinners at expensive restaurants; their nights out, which also include trips to the movies, typically come to about $500 plus tips. He also spends $200 an hour for karate lessons and a personal trainer.
The kids also take three vacations a year, totaling $350,000 including first-class airfare and security-in Hawaii, they stay in a $5,500-per-night suite; in Vegas, they sometimes rent the Bellagio's penthouse suite, which can cost as much as $5,000 per night.
Even so, "they're not [as bad] as their father" when it comes to spending wildly, one source says. READ MORE
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