Jackson Kids' Allowance: $8M a Year And boy, do they spend it By Evann Gastaldo, Newser Staff Posted Jun 9, 2014 10:06 AM CDT 47 comments Comments This Jan. 27, 2012 file photo shows, from left, Blanket Jackson, Paris Jackson, and Prince Michael Jackson at the opening night of the Michael Jackson The Immortal World Tour in Los Angeles. (AP Photo/Dan Steinberg, file) (Newser) – As Michael Jackson's estate grows in value, the yearly allowance his children Prince, 17, Paris, 16, and Blanket, 12, share has increased from $5 million to $8 million—and it sounds like they take full advantage of it. 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: 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. Sources recall crazy stories about MJ, including the time Elizabeth Taylor pointed out jewels she liked in a catalog and Jackson sent two members of his security team on a private jet to Switzerland to buy them. He also spent $90,000 to impress Macaulay Culkin, sources say. Once, he took Culkin "on this expensive gondola-like ride along the ocean and buys Mac’s caretaker an expensive necklace and sends her shopping just so he could spend time with him," a source says.