After six years of legal battles since the late singer Prince’s death, all parties have agreed to the estimated value of his estate at $156.4 million.
The estate’s administrator, Comerica Bank & Trust, initially appraised the singer’s property at $82.3 million. However, the Internal Revenue Service increased its value to $163.2 million in 2020. According to the Minnesota Star Tribune, the heirs to the estate also agreed to the final valuation.
With an agreement from all parties involved, the process will likely begin in February.
“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 died of an accidental fentanyl overdose in April 2016 at his Paisley Park home in Minnesota at age 57. Though he did not have a will, his biological sister, Tyke Nelson, and five half-siblings were left fighting for his estate’s rights.
The estate will be divided between the singer’s three oldest half-siblings and the New York-based music company Primary Wave. Prince’s two younger siblings, Alfred Jackson and John R. Nelson, died long before the estate process began. As a result, the independent music publishing and talent management company acquired the sibling’s interests.
Charles F. Spicer Jr., the court-appointed advisor for the remaining heirs of the estate, said in an exclusive with EW, the music icon’s heirs are pleased with the estate’s legal outcome.
“We’re looking out for the best interest of fans [and] ensure that Prince’s legacy remains for generations to come,” Spicer said.
Last spring, Comerica and the IRS settled in court regarding the real estate portion of Prince’s estate. However, the rights to his music became more complicated during the legal process, prompting Comerica to request a trial regarding the singer’s valuable assets. On Friday, Comerica agreed to the settlement with the IRS, calling it “fair and reasonable.”
The outcome would have turned out differently if Comerica and the IRS had gone to trial.
