Michael Jackson Children To Receive $8M A Year Allowance

The three children of King of pop Michael Jackson are really enjoying their inheritance from their late father. The kids' allowances  has gone up from $5million to $8million due to their father's growing estate profit. But it seems they ain't really making good use of the money.

According to a family source who revealed on Page Six, he tries to break down on how Michael's kids' Prince, 17, Paris, 16, and Blanket, 12, spend their money and these will blow your mind away...

Michael Jackson's children (L-R) Blanket, Prince and Paris - pictured here in 2012

 -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.

The family have been known to rent the penthouse at the Bellagio in Las Vegas, which costs $4,000-$5,000 a month