- -Allowance for Prince, 17, Paris, 16, and 12-year-old Blanket Jackson has gone up from $5 to $8 million
- -Michael Jackson's estate has ballooned to $1.5 billion following his death in 2009
- -The three are given $15,000-$20,000 in 'walking around money' each month
- -They go on three vacations a year, usually to Hawaii and Las Vegas
- -Eldest Prince bought a $40,000 truck and spent $50,000 on jewelry for girlfriends
- -Grandmother Katherine Jackson is paid $1 million to watch over the children
- Jackson has sold 50 million albums since his death in 2009
Michael Jackson's three teenage children are afforded a reported yearly allowance of $8 million - owing to school tuition, regular vacations and major spending sprees - as the pop legend's fortune continues to generate revenue and increase in royalties, five years after his death.
Since the singer died of drug intoxication in 2009 - when he was said to be $500 million in debt - his estate has ballooned to an estimated $1.5 billion, a portion of that from the 50 million albums that have sold post-posthumously.
A new report says his children- Prince Michael Jr (Prince), 17, Paris, 16, and Prince Michael Jr II (Blanket), 12 - are enjoying their burgeoning inheritance, now that the Jackson family settlement dispute seems to have cooled, but are nowhere near as extravagant at spending as their father was.
According to The New York Post, citing numerous family sources, the kids' 'pocket money' has gone up from $5 million a year to $8 million on the the back of the estate's growing profits.
Home: Katherine Jackson rents this mansion in Calabasas, California, for $26,5000 to live in with her three grandchildren Part of that amount is the $15,000 to $20,000 they get per month in 'walking around money'.
The six-figure sum is split between the three and accounts for everything from their schooling to bodyguards, vacations and shopping sprees.
When each child turns 40, they will inherit a share of the entire estate.
HOW DO THREE CHILDREN SPEND $8 MILLION?
- Three vacations a year at $350,000 each
- $15,00-$20,00 each in 'walking around money' every month
- $50,000 in jewelry
- $40,000 cars
- $30,000 in school tuition
- $200-an-hour karate lessons
Matriarch Katherine Jackson is afforded $1 million a year to be her grandchildren's guardian, outside of the $26,500-a-month mansion she rents for them to live in Calabasas, California.
The Post reported Paris' yearly tuition is $30,000, on top of the expense of sending her to the therapeutic Diamond Head boarding school in Utah following her suicide attempt last year.
At school the 16-year-old buys presents for her friends such as footwear and athletic gear, the newspaper said.
Michael Jr - who goes by Prince - has spent over $50,000 buying jewelry for three different girlfriends.
The 17-year-old also bought a $40,000 Ford pickup truck.
Prince, 12 - who goes by Blanket - enjoys $200-an-hour karate lessons as well as a personal trainer.
He likes to take his friends out to dinner and then see a movie, costing about $500.
The children take three vacations a year.
Each costs about $350,000 inclusive of bodyguards, chauffeurs and first-class airfares, as well as extra people, such as their cousins, coming along.
In Hawaii they go to the Kahala Hotel and Resort in Honolulu and stay in the Signature Suite, which costs $5,500 a night.
In Las Vegas they stay in the penthouse at the Bellagio, which costs $4,000 to $5,000 each night.
Hawaii: Of the three vacations the children are believed to take each year, they enjoy staying here at the Kahala Resort and Hotel in Honolulu
Prince Jackson - seen out in LA in June 2013 with then-girlfriend Remi Alfalah - has become somewhat known for buying his girlfriend's extravagant jewelry
Vegas: The family have been known to rent the penthouse at the Bellagio in Las Vegas, which costs $4,000-$5,000 a month
The Post reported that the room service charges, also accounting for the concierge and health club, can be just as expensive as the cost of the room itself.
The newspaper said Jackson would often take the children there himself for a break, and on one day in 2002 he ran out of his line credit at the hotel after purchasing Rolex watches, Barbie dolls and artwork.
He then reached into a bag and gave his two kids - then just four and three - $20,000 cash and told the nanny to 'take them out and buy them whatever they wanted'.
'They're not as bad as their father,' one source told The Post.
'They also seem to have more of a sense as to when they may be going overboard.'
Jackson was known to buy close friend Elizabeth Taylor diamonds and jewelry that him millions.
Taylor would sit at his Neverland ranch looking through catalogs and point out what she wanted.
One time, after picking some jewels, Jackson sent two security guards on a private jet to Switzerland to pick up the jewelry so he could give it to Taylor immediately.
Jackson also spent $4 million in a bronze statue of a small child and bought two bottles of perfume that cost $75,000 each.
Jackson reportedly spent $90,000 taking former child sensation Macauley Culkin on a vacation to Hawaii in 1991. The pair are seen here around the same time in Bermuda, West Indies
'It was the damnedest thing, he paid for a radio advertisement to announce a false ceremony that he was supposed to attend and he thought that it would impress Mac, so that the child would find it cool to hang with him,' a source told The Post.
'Then, he takes him on this expensive gondola-like ride along the ocean and buys Mac's caretaker an expensive necklace and sends her shopping just so he could spend time with him
Culkin has not commented on the claims.
Young Prince is said to be planning to buy back his father's famed and much-cherished Neverland Ranch from the creditors who have controlled it for more than a decade.
The ranch was once valued at $50 million, but after the amusement rides and exotics were removed, the asking price is now somewhere around $35 million.
Last year, Forbes magazine revealed that he had regained his number-one spot in the list of top-earning dead celebrities, raking in $160 million between October 2012 and October 2013.
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