Redmond O’Neal
Pictured: Redmond O’Neal, who was recently arrested for allegedly robbing a convenience store, leaving court after his final progress report at LAX Courthouse in Los Angeles on Oct. 9, 2012. Getty Images/Toby Canham

Two days after Redmond O’Neal — the son of late actress Farrah Fawcett and Ryan O’Neal — was arrested on suspicion of robbing a convenience store on Tuesday, it was found out that the celebrity heir actually has a $4.5 million inheritance.

On Thursday, People unearthed a copy of O’Neal’s inheritance to confirm that Fawcett had left her troubled son with a bulk of her wealth before she succumbed to cancer in 2009. The original “Charlie’s Angels” star reportedly put $4.5 million into a trust fund that is being looked after by Richard Francis, her business manager and producer.

Despite having sufficient wealth on his name, O’Neal does not have easy access to it because Fawcett set up strict parameters on how the money should be spent. The terms of the trust reveal that O’Neal could only use his money for matters concerning his health care. This means he isn’t entitled to using it for his vanities, luxuries and such.

Author and probate attorney Andrew W. Mayoras wrote in 2009 that the terms of the trust clearly prohibit O’Neal from directly getting money from Francis because he might use it on drugs and other stuff that could harm him. Francis is only allowed to spend the inheritance on matters like rehabilitation that aim to improve the wellbeing of Fawcett’s son.

Even though O’Neal does not have direct access to his money, the parameters that Fawcett set allow him to collect the interest generated by the trust fund. Mayoras explained that if the trust generates a modest five percent return, O’Neal could obtain around $19,000 per month from the interest.

O’Neal is currently being held on $50,000 bail. He was arraigned on Thursday. Prosecutors reportedly sought for a bail of $125,000. The decision of the judge handling his case has yet to be disclosed, so it’s still not clear if he was granted bail or released.

Meanwhile, the Los Angeles County District Attorney’s Office revealed to The Blast that O’Neal had drugs with him at the time of the arrest. The 33-year-old was reportedly hit with six counts and among them was possession of controlled substances determined as heroin and methamphetamine.

O’Neal was arrested at around 2:30 a.m. this past Tuesday after a clerk reported a robbery at a convenience store in Los Angeles. He was caught by the authorities still armed with the knife he allegedly used to carry out the crime and the money taken from the register, according to USA Today.

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