The worth of Prince’s estate has been determined after a long court battle.
According to the Minneapolis Star Tribune, parties to the late rock star’s estate have finally agreed on a value of $156.4 million after nearly six years of legal fighting.
Comerica Bank & Trust, the estate’s administrator, valued it at $82.3 million.
In 2020, the IRS estimated the worth to be $163.2 million.
The process of dispersing the star musician’s money could begin in February if all parties reach an agreement.
In April 2016, Prince died after a fentanyl overdose. He didn’t have a will to speak of. The 57-year-old Minneapolis native won seven Grammys and received 38 nominations over his career.
Alfred Jackson and John R. Nelson, two of Prince’s six siblings, have already died. Two more are in their eighties.
The fortune will be split almost evenly between Primary Wave, a New York music corporation, and the three oldest of the music legend’s six heirs or their families.
The real-estate element of Prince’s inheritance was handled last spring by the IRS and Comerica.
Intangible assets, such as the rights to Prince’s songs, were more difficult to value and took until October to finalize.
The amount of the settlement was revealed in a petition in Carver County probate court on Friday.
Hundreds of millions of dollars will be paid to tax collectors from Prince’s inheritance.
Under federal law, a little more than $5 million of Prince’s estate would be tax-free, but after that, the tax rate will be 40%.
According to Minnesota law, the first $3 million of Prince’s estate is tax-free; after that, much of his fortune would most likely be taxed at a rate of 16 percent.
Prince’s three younger siblings, including Jackson, who died in August 2019, had all or most of their stakes bought out by Primary Wave.
Last year, the three elder siblings gave McMillan and Charles Spicer, who have represented them in estate procedures, an undisclosed amount of their share.
The Primary Wave took control of half of Prince’s inheritance last year after buying out three of the musician’s heirs.
Omarr Baker’s fortune was bought outright by a New York corporation. Out of Prince’s six half-siblings, he is the youngest.
According to the StarTribune, the corporation also bought 90 percent of Prince’s full sister Tyka Nelson’s stake and 100 percent of the late Alfred Jackson’s investment.
“There’s not much anyone can do about family members who sell out for the dollar. That’s their right,” said the attorney, L. Londell McMillan, for the three siblings who still are holding on to their portion of the estate.
The other half of Prince’s fortune is controlled by Sharon Nelson, Prince’s half-sister, and her siblings Norrine and John.
Primary Wave reportedly made offers to Sharon, Norrine, and John but they wouldn’t sell. “We’ll never sell out,” said the outlet. “We know the prize.”