Prince’s Estate Valued At $156.4 Million After Six-Year Legal Battle
Following a six-year legal sparring match over Prince’s estate since the late singer did not leave behind a will, the parties involved agreed on its value on Friday (Jan. 14) in order to begin the distribution process. The Purple Rain crooner’s estate has been valued at $156.4 million—more than the initial appraisal of $82.3 million conducted by the estate’s executor, Comerica Bank & Trust, but less than the IRS’ 2020 estimate of $163.2 million.
As reported by Minnesota’s Star Tribune, Comerica, the IRS, and Prince’s heirs—his older sisters Sharon L. Nelson and Norrine Nelson, and his late half-brother John R. Nelson—have also agreed to begin distributing the funds as early as February between them and Primary Wave. Funds will be distributed evenly with minor portions set to be transferred to Charles F. Spicer Jr., the court-appointed advisor for the remaining heirs, and L. Londell McMillan, Prince’s longtime lawyer and manager.
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Primary Wave owns 42 percent of the estate’s interest, the largest single interest acquired. The private music publishing company also has a stake in Prince’s royalties from his masters and a portion of his writer’s share, name, and likeness in addition to the singer’s famous Paisley Park property after buying out complete interest in the estate from both Omarr Baker, Prince’s brother and Alfred Jackson, his late half-brother. Primary Wave also bought 90 percent interest from Prince’s sister, Tyka Nelson’s stake. This is the same company that owns the rights to other legacy artists including Whitney Houston, Luther Vandross, and James Brown.
Last spring, the IRS and Comerica settled on the real estate portion of the Purple One’s estate but were not able to settle on valuing abstract assets to items including the rights to his discography until October 2021.
Spicer shared with Entertainment Weekly, “We’re looking out for the best interest of fans [and] ensure that Prince’s legacy remains for generations to come.” Primary Wave will have to consult with the estate’s advisors and heirs to make decisions regarding Prince and his legacy. According to the Wall Street Journal, Primary Wave CEO Larry Mestel stated, “A hologram is totally off limits.”
Prince died on April 21, 2016 from an accidental fentanyl overdose at age 57.
