Michael Jackson's children spend $8 million a year

Michael Jackson's children (L-R) Blanket, Paris, Prince, pictured with their grandmother Katherine Jackson

Michael Jackson's children spend up to $8 million a year on tuition fees, living expenses, fancy holidays and custom-made jewellery and gifts for their friends, among other luxuries.

The late King of Pop - who died of acute Propofol intoxication in 2009 - left behind children Prince, 17, Paris, 16, and Blanket, 13, who have allocated finances for their living expenses which are separate from the $1 million plus their grandmother Katherine receives to watch over them.

According to the New York Post's Page Six, Prince’s $30,000 yearly tuition at a private school and the six-figure annual sum for  Paris to stay at a therapeutic boarding school in Utah following her 2013 suicide attempt, are among the expenses.

A family insider also claims Prince has spent more than $50,000 on custom-made jewellery and other gifts to give to at least three different girlfriends.

The children enjoy up to three holidays a year to places such as Hawaii and Las Vegas, which cost about $350,000, including payments for bodyguards, family members, chauffeurs and first-class travel.

Meanwhile, Paris buys gifts for her friends at school and Blanket spends $200 an hour for karate lessons and more for a personal trainer.

The three also have a chef to whip them up meals at their $26,500-a-month rented mansion in Calabasas, California and they often dine out at trendy restaurants.

A source said: "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."

"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.”

But the source insists although the children spend a lot of money they know when they’re splashing out too much.

They added: "They’re not [as bad] as their father [at spending money] ... They also seem to have more of a sense as to when they may be going overboard."

PHIL McCARTEN / REUTERS