Michael Hutchence’s legacy is unlikely to be passed on to his 18-year-old daughter.
Tiger Lily Hutchence Geldof is set to receive little to no inheritance from her INXS front-man father, Michael Hutchence’s fortune, according to her uncle, Rhett Hutchence.
The younger brother of Michael told New Idea “He [Michael] would have hated this outcome to his will. He wanted his family to have his hard-earned wealth. Michael worked very hard for what he achieved.”
This is due to a complex series of legal arrangement according to Andrew Paul, Michael’s lawyer and executor of his will.
Precautions were set in place to protect Michael’s income from divorce, tax and paternity actions.
But as a result Michael’s assets are now locked away in private trusts that his family have no access to following his death, reports the Daily Mail.
Michael was said to be worth $30 million at the time of his death in 1997 and believed to own multiple properties in London, France, Indonesia, and on the Australian Gold Coast.
Rhett went on to say “Michael thought he had control of his assets but in the end, it only worked with Michael still alive. On his death he owned little or nothing.”
Tiger Lily lost her famous father when she was just 16-months-old. She then lost her mother Paula Yates at four and her half-sister Peaches Geldof earlier this year, both to heroin overdoses.
After the loss of her parents, Tiger Lily was adopted and raised in the UK by Sir Bob Geldof, ex-husband of her mother Paula.
She quietly celebrated her 18th birthday on the 22nd of July and has spent much of her life out of the public eye.
CLICK THROUGH the gallery for photos of Tiger Lily and her famous parents…