Prince’s Estate Valued at $156.4 million
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After a long six-year legal battle over pop icon Prince’s estate, all parties have finally agreed on its value worth $156 million.
Originally the Internal Revenue Service (IRS) had estimated Prince’s worth to be $163.2 million, and Comerica Bank & Trust said it was $82.3 million.
But according to court documents released Friday, the agreed price of Prince Rogers Nelson’s estate is worth a total of $156.4 million, a figure that the artist’s heirs have also accepted, according to Minnesota’s Star Tribune.
Since the dispute was finally settled, the process of distribution of the artist’s wealth could begin in February. The estate would be evenly distributed between New York music company Primary Wave and three of Prince’s oldest siblings and their families.
Prince died of a fentanyl overdose in April 2016 at the age of 57 at his Paisley Park home in Minnesota. He did not leave a will. Leaving six sibling heirs, two of whom, Alfred Jackson and John R. Nelson, have since died. Two others are currently in their eighties.
Since then, lawyers and consultants have been paid tens of millions of dollars to administer his estate and come up with a plan for its distribution.
“It has been a long six years,” L. Londell McMillan, an attorney for three of Prince’s siblings, said at a hearing Friday in Carver County District Court.
Prince won seven Grammys and had 38 nominations during his career. He will always be remembered.