Debbie Rowe, who recently said she would fight for custody of the children she bore for Michael Jackson, and would even go so far as to take out a restraining order to keep Joe Jackson out of their lives, has had a change of heart.

For the third time, Rowe is giving up parental rights to Prince Michael, 12, and Paris, 11, in exchange for a huge pay off.

From the NY Post:

After the birth of son Prince Michael, now 12, and daughter Paris, 11, she agreed to allow Jackson to raise them in exchange for a lump sum of $8 million, plus $900,000 annually for five years, the source said.

When Jacko was accused of child molestation in 2001, Rowe resurfaced to reclaim her rights. But she wound up giving her ex-husband full custody of the kids anyway — in exchange for another $4 million plus a $900,000 home.

This time around, she is forfeiting her restored parental rights to Jackson’s mom, Katherine, in exchange for yet another roughly $4 million, the family source said.

“This would be it. This takes away any rights she has to challenge custody at any given time,” the source said.

Rowe has had very little contact with the children over the years, and according to a family friend, the Jackson family considers the payout to be a “necessary evil.”

“They felt it was like a ransom-type thing. [Rowe] jumped back into the picture because she wanted money,” the friend said.  The agreement, which was reportedly sealed in Los Angeles yesterday afternoon, takes away any rights Rowe has to challenge custody now or in the future.

“If something happens to Katherine, [Rowe] can’t challenge the next [guardian], whether that be Diana Ross or someone in the family.”

Representatives for Debbie Rowe and Katherine Jackson could not be reached.

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photo: WENN

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