Michael Jackson’s Children Given $8 Million A Year Allowance.

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.

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:CLICK TO SEE

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