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May 10, 2018 07:46 PM

Farrah Fawcett left her son Redmond O’Neal, 33, $4.5 million when she died in 2009, yet earlier this week he was arrested for allegedly robbing a convenience store at knife point in Los Angeles.

According to police, O’Neal, whose father is actor Ryan O’Neal, walked into a store located near Santa Monica armed with a knife and demanded the clerk to take out money from the register.

O’Neal, who has battled drug addiction for years, then fled the store after the clerk handed over an undisclosed amount of cash and was arrested nearby, according to a police spokesperson, who added that officers recovered a knife from Redmond that matched the clerk’s description.

While Fawcett left her son the bulk of her wealth when she died in 2009, she set up strict parameters on how the money could be spent, according to a copy of her living trust obtained by PEOPLE.

Redmond O'Neal in 2012.
Toby Canham/Getty

Instead of giving his inheriting the money outright, she put $4.5 million into a trust fund overseen by her business manager and producer, Richard Francis. According to the terms of the trust, the principal could only be used for matters relating to Redmond’s health care, while Redmond could collect the interest.

“This means Francis can spend as much as he deems advisable for rehabilitation (which would clearly improve Redmond’s health), without paying anything directly to him for fear of it being spent on drugs, etc.,” Andrew W. Mayoras, a probate attorney not involved in the case, explained in 2009.

RELATED VIDEO: Farrah Fawcett’s Son Redmond O’Neal Arrested for Robbing Convenience Store at Knifepoint: Police

However, Fawcett’s trust does allow O’Neal to collect the interest generated by the fund “at least 4 times year, and as often as monthly,” Mayoras explained. “If this $4.5 million is conservatively invested to generate even a modest 5% return, this would mean almost $19,000 per month would be available for Redmond, without ever spending any of the $4.5 million itself.”

Redmond O'Neal, Farrah Fawcett and Ryan O'Neal.
Steve Grayson/WireImage

Redmond is being held on $50,000 bail after the robbery arrest. He is due in court on Thursday when a judge will determine if he will be granted bail or released.

The 33-year-old has struggled with substance abuse issues since he was a teenager, leading to numerous drug and weapons-related charges as well as much time spent in rehab.

Redmond most recently had his probation revoked in May 2015, seven months after it was reinstated as a judge determined he had used drugs and did not maintain doctor appointments. He was sentenced to three years in state prison for violating the probation, but was credited for nearly a year served by his trial judge. Redmond was spotted spending time with his father out of prison in Sept. 2016.

Redmond’s half-sister Tatum O’Neal spoke exclusively with PEOPLE about her concerns for her half-brother despite her urging for him to quit using drugs.

In 2015, Tatum, whose mother is Joanna Moore, said, “I love him, but I have never seen a more scary side of addiction. He’s got addiction problems so bad that it breaks my heart. Nobody knows what to do with Redmond. From what I’ve seen, there is no way he’s going to survive.”

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