Prince’s estate valued at £114m after earlier estimate causes uproar
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Prince’s estate has been valued at around £114m after earlier estimates caused uproar among the late musician’s family.
As reported by the Associated Press and Minnesota Star-Tribune, the “Purple Rain” singer’s estate was previously valued at £59m, which led to protests from the artist’s heirs.
Prince died six years ago. His wealth, however, is yet to be distributed because of the ongoing arguments over the value of his estate. The musician also did not leave a will.
Following an agreement between the estate’s administrator Comerica Bank & Trust, the Inland Revenue Service and the beneficiaries, the distribution of Prince’s wealth could begin as soon as next month.
The report states that the dispute over the estate’s valuation has led to tens of millions worth of legal fees being accumulated.
Six of Prince’s siblings and half-siblings were determined to be the musician and actor’s heirs. A company called Primary Wave Music and Prince’s three eldest siblings will hold ownership of the estate.
Primary Wave Music previously bought out the stakes held by Prince’s three youngest siblings, one of whom had already died.
The report also states that while the value of Prince’s real estate and material assets was settled a long time ago, the value of the “When Doves Cry” singer was far harder to confirm and was only completed last October.
As part of the agreement, the IRS also agreed to drop a $6.4m (£4.6) penalty that it had previously placed on the estate.
Prince died in April 2016 after being found unresponsive in an elevator at his home in Paisley Park. He was later ruled to have died of an accidental overdose of fentanyl.
