Prince’s estate, which includes master tapes of his recordings and a 10,000-square-foot Caribbean villa, has been estimated at $200 million. However, even after all this time, it’s not clear what the Purple One’s estate will be worth after it’s been run through the ringer of battling heirs, lawyers and consultants, who are costing the estate a load of money.
Page Six reported in its article, “Fight over Prince’s $200M estate could go on for years,” that Prince’s heirs are entrenched in a fight to rein in the estate’s administrator. They’ve spent more than $45 million in administrative expenses, according to a probate-court petition filed by Prince’s designated heirs.
They’ve asked for “a transition plan” for a new administrator, which is scheduled for the end of June, according to court filings.
Prince didn’t have a will and his six heirs—all siblings—had to be selected by a probate judge. That’s because soon after Prince died in April 2016, more than 45 people came forward to claim they were his relatives, in order to get a piece of the pie.
Some said they were his wife, brother or sister, according to an Associated Press report. One Colorado inmate claimed to be Prince’s son, but a DNA test proved this not to be true. The list of Prince’s heirs has since been whittled down to his full sister, Tyka Nelson and half siblings Norrine Nelson, Sharon Nelson, John Nelson, Alfred Jackson and Omarr Baker. These heirs had been in a bitter disagreement. However, they came to an agreement this year in their effort to challenge Comerica, the court-appointed Dallas bank that became the estate’s administrator, after St. Paul, Minn.-based Bremer Trust served temporarily in that capacity for nine months.
In a February petition, the heirs argued that Comerica is $31 million behind on estate taxes that “continue to accumulate interest.” The heirs wrote that they “do not agree with Comerica’s cashflow projections, accounting or inventory of estate assets.” They also complained that Comerica was unresponsive to their questions. “The heirs are understandably frustrated that, three years after their brother’s death, the estate is not ready to be closed,” Comerica said in court filings. However, Comerica insisted that it should not be fired.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Page Six (April 19, 2019) “Fight over Prince’s $200M estate could go on for years”