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How do three kids spend an $8million a year allowance?

Are the Jackson children the definition of “poor little rich kids”?

That’s a lot of tuck-shop money. It’s been revealed that Michael Jackson’s three children, Prince, 17, Paris, 16, and Blanket, 12, receive US$8 million allowance each year. The kids have recently been granted a raise, from the previous US$5 million a year, due to the estate’s growing earnings. And that’s in addition to the US$1 million their grandmother, Katherine, receives as their legal guardian. According to a report in the The New York Times, the money is divided between them.

So where does all that money go?

Prince’s yearly tuition at his private school is US$30,000, plus the 6-figure amount (still not disclosed) to house, educate and treat Paris in a therapeutic boarding school in Utah following her reported suicide attempt in 2013.

Prince reportedly also likes to spend some cash on his girlfriends (yes, plural) and has allegedly spent more than US$50,0000 in custom-made jewelry and other gifts for three different girlfriends. Plus he recently bought himself a new Ford pick-up truck for US$40,000.

The Kahala Beach Suite

The kids also go on about three holidays a year. With bodyguards, relatives tagging along, chauffeurs, first-class airfare and other luxuries, this sets them back about US$350,000. The NYT reports that they stay in the Honolulu Kahala Hotel & Resort Signature Suite for US$5,500 per night.

As for Blanket, he reportedly uses his inheritance to pay US$200 for an hour of karate lessons and more for his personal trainer.

He also has a personal chef at the Jackson family's Calabasas rented home in California (at US$26,500 per month).

However, the Jackson kids don't spend all the money on themselves. Paris regularly buys sportswear for her friends and Blanket takes his cousins out to trendy restaurants shouting them dinner and a movie.

One source told the NYT, “These things that they’re doing they are mostly paying for themselves, with their own money. Look, they also get US$15,000 to US$20,000 every month just in walking-around money. No one else has that kind of dough around here. This is why you have had so much of the fighting going on in the family."

And according to family sources, Prince has one goal - to buy back his father's Neverland Ranch, which has been in control of creditors for more than a decade. The asking price for the Ranch is around US$35 million. While Prince is saving, when he turns 33 years old he gets an equal share of half of Jackson's estate - the value currently at US$2 billion. And when he turns 40, he will get the rest.

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