Prince Jackson, La Toya Jackson, Prince Michael Jackson II and Paris Jackson attend a baseball match in Indiana

The children of the late singer Michael Jacksonare said to have inherited his high-spending ways, splashing out millions on luxury holidays and lavish presents for friends.

On the fifth anniversary of his death, the New York Post claims Prince, Paris and Blanket Jackson are racing through their shared $8 million (￡4.76 million)-a-year allowance.

With the children, now aged 17, 16 and 12, due to come into Jackson’s full $2 billion (￡1.19 billion) fortune when they turn 40, they are unlikely to run out of cash any time soon however.

Thanks to continuing interest in his music, Jackson's estate is now making more money than he was earning immediately before his death from an accidental overdose. As a result, his children’s shared allowance has increased by $3 million (￡1.78 million) over the last five years.

Separately, his mother, Katherine, receives $1 million (￡594,000) a year to look after them at the Jackson family’s $26,500-a-month (￡15,763) rented mansion in Calabasas, California.

Private school fees for Prince, the oldest child, cost $30,000 (￡17,845) a year. Paris attends a boarding school in Utah, where she receives equine therapy – a form of treatment in which people care for horses – to help overcome the depression which led her to attempt suicide last year. Fees are thought to be in excess of $1 million (￡594,000).

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