The six-year legal battle over the value of Prince’s estate has finally been settled, with the figure standing at $156.4 million.
Details emerged in a court filing on January 14, quickly ending the dispute, which was due to return to court in March. Comerica Bank, the administrator of the estate, had recorded a value of $82.3 million, while the IRS estimated it was worth $163.2 million and also wanted to impose a ‘correctness penalty’ of $6.4 million.
” Since Tribune of the Stars reported, “a phalanx of attorneys and consultants were paid tens of millions of dollars to administer his estate and come up with a plan for his distribution. Two of Prince’s six heir siblings, Alfred Jackson and John R. Nelson, have since died. Two others are over 80 years old.
The report adds that, assuming all agreements are in place, “the estate will be almost evenly split between a well-funded New York music company – Primary Wave – and the three oldest of the music icon’s six heirs. music or their families”. This arrangement comes after three siblings strike a deal with Primary Wave while the other three rejected him. The money could be split as early as next month, but the final figure to be split will come after the IRS and the state of Minnesota take their cuts, which are expected to total tens of millions.
Comerica Bank said in a statement that they believed they could have won the case had it completed its court journey, but that “members of the heir group have consistently communicated…their strong desire that the estate is settled with the tax authorities”. Additionally, the three siblings had previously spent an “undisclosed portion of their estate” on the law firm representing them. “It’s been six long years,” their attorney L. Londell McMillan said during the filing in Carver County District Court.
The value of Prince’s real estate had been agreed last year, but putting a price on “intangible assets” such as music rights proved more difficult. His death in 2016 without having drafted a will added further complexities to the liquidation process.
25 times Prince crossed paths with the biggest rock stars
Ask a musician if they have a Prince story to tell and they might just surprise you.