Prince’s Estate Distribution Officially Comes To A Close
LOS ANGELES, CA - JUNE 27: Musician Prince performs the Chaka Khan tribute onstage at the 2006 BET Awards at the Shrine Auditorium on June 27, 2006 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images)
Six years after the death of singer-songwriter, Prince, his sought-after estate finally became a “case closed.”
In 2016, the Grammy award-winning musician was reported dead after an accidental drug overdose. The battle over Prince’s estate has lasted years and it became complicated early when it was revealed that the iconic singer didn’t leave a will for a whopping $156.4 million worth of the estate.
Many individuals came forward claiming to be Prince’s heirs, before six beneficiaries were recognized by the court. After more than six years after Prince’s death, the court case surrounding the distribution of his estate has finally come to a close.
Joe Cassioppi, the attorney representing Comerica Bank, the company which had been serving as the estate’s administrator, noted:
“There has never been a probate case in Minnesota as complicated as this one.”
The late musician’s estate, valued at $156.4 million, will now be split among Prince’s three eldest siblings and Primary Wave, a New York music company which already purchased the estate stakes of three other heirs. Although all sides were able to agree on a dollar amount for the music icon’s physical properties, including real estate, debate raged over the value of his intangible assets, most notably the rights to Prince’s music.
Comerica Bank, the estate’s administrator, placed the total value at $82.3 million, while the IRS believed it was worth $163.2 million — and thus necessitated a much larger tax bill. Eventually, a compromised value of $156.4 million ended the negotiation.
Moving forward, the Primary Wave’s attorney, Eric Magnuson said that their goal is to “work collaboratively with them to continue to build and to grow Prince’s legacy as a 50% owner” referring to the immediate family members of the deceased artist. The rock star’s half sister, Sharon Nelson, also said that the family will prioritize returning Prince’s master tapes to his longtime Minneapolis area home and recording facility, Paisley Park. Nelson added:
“We’re going to bring his original music out.
“Prince can now rest in peace.”
