Suri Cruise becomes multi-millionaire as her estranged father Tom Cruise's trust fund ‘kicks in’
LOS ANGELES, CALIFORNIA: Tom Cruise and Katie Holmes’ daughter is a teenage millionaire now.
Despite being estranged from her ultra-rich father, a source close to the teenager recently shared with Daily Mail that Suri Cruise has earned a considerable amount through her trust fund.
Calling the fund to be “substantial,” the source shared that the trust was set during the ‘Mission: Impossible’ star’s divorce from Katie Holmes in 2012. Now that Suri is 18, she has been “allowed to access” some of the portions of the fund, said the source.
Suri Cruise turns rich after trust fund amount kicks in
Speaking about the fund, the source shared with the outlet, “It is part of the divorce deal that a trust fund provided by Tom Cruise be shared with daughter Suri Cruise when she turns 18, and it is substantial.”
The total amount of the fund, though remains undisclosed, it is not surprising to be a substantial amount given Cruise’s net worth - which is a whopping $600 million.
Following the once power couple’s divorce in 2012, the ‘Top Gun’ star agreed to pay a yearly sum of $400,000 to Katie as child support. While the child support ended in April 224 when Suri turned 18, the teenager will still be able to continue her lavish lifestyle, thanks to the trust fund.
Once the money from the fund "kicked in," she became quite wealthy, as the source shared, "She was allowed to access it when she turned 18 in April.”
However, the teenager, who is pursuing her college education at the prestigious Carnegie Mellon University, will not get the entire amount now as the insider revealed the fund has been crafted in such a way that she receives the rest of the money when she enters her 30s.
"The rest of the money will become available to her once she enters her 30s,” added the source, before noting, “The trust fund was carefully constructed so that she does not get all the money at once and becomes overwhelmed."
Apart from the trust fund, the ‘Knight and Day’ star is reportedly paying Suri’s college tuition as well and the source reveals Cruise doesn’t mind paying too.
"Tom is indeed paying for Suri's tuition,” the source dished regarding Suri’s $65,000 tuition fee, before noting, “He has always paid for her schooling and would never stop as he is a stand-up guy," reported Express.
The insider added, "He has never hesitated paying his daughter's child support and expenses. He does not go back on his word. He is fulfilling his obligation."
Apart from Suri’s tuition fees, Cruise’s divorce deal reportedly requires the actor to cover her other expenses including insurance, health care and dental care.
Katie Holmes has a separate trust fund for Suri Cruise
While Suri Cruise father apparently made her a millionaire, the teenager’s actress mother Katie Holmes has set up a separate trust fund as well.
"Katie is fiscally minded and is looking out for her daughter, of course," shared another source about the ‘Dawson’s Creek’ actress’s financial planning for her daughter.
Sharing the reason, the insider added, "She wants her to be well provided for and have a great quality of life.”
However, like in the case of Cruise, the exact amount of Holmes’ package for Suri is also unknown.
