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Michael Jackson's Estate Targeted By IRS

SANTA MARIA, UNITED STATES:  US pop star Michael Jackson leaves Santa Barbara County Superior Court in Santa Maria, Californi
SANTA MARIA, UNITED STATES: US pop star Michael Jackson leaves Santa Barbara County Superior Court in Santa Maria, California 07 April 2005 after another day of testimony in his child molestation trial. AFP PHOTO / Robyn Beck (Photo credit should read ROBYN BECK/AFP/Getty Images)

The Michael Jackson Estate is in the crosshairs of the IRS for allegedly cheating taxpayers out of a fortune ... and now the taxman wants the Estate to pay the piper -- to the tune of more than $700 million.

The allegations are stunning. According to legal docs -- obtained by the L.A. Times -- when Michael died the executors told the IRS his net worth was around $7 million. The IRS now says MJ's net worth was actually $1.125 BILLION!

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