Michael Jackson’s kids get $8 million a year in allowance

Michael Jackson‘s kids – Paris, Prince and Blanket – were never going to be short on cash. They were born rich and they’ll die rich… but just how rich? Well, just for reference, these underage children get upwards of $8 million per year as allowance. That’s so, so much money… but what do they spend it on?

From The New York Post (via Newser):

• 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.

Oh man. Well, okay – now I’m severely depressed. Here’s what a source told the publication about the financial goings-on of the kids:

“These things that they’re doing they are mostly paying for themselves, with their own money. Look, they also get $15,000 to $20,000 every month just in walking-around money. No one else has that kind of dough around here,” one source said.

“This is why you have had so much of the fighting going on in the family. But the battles have calmed since their uncles have finally found consistent work and everyone has pretty much left [Katherine] alone about money.”

Still, family members believe the children are a lot more frugal than their father was with his.

“They’re not [as bad] as their father .?.?. They also seem to have more of a sense as to when they may be going overboard,” the source said.

Wait, so they get an extra $20,000 ON TOP of the $8 million allowance? WHAT? How is this a thing? The mind boggles… but I guess when money seems endless, you don’t really have to think of how you spend it.