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2 Years Wait for Music Star Prince $200 Million Estate Beneficiaries

2 Years Wait for Music Star Prince $200 Million Estate Beneficiaries

Almost 2 years after the accidental death of legendary music star Prince in 2016, his beneficiaries have yet to receive a single cent from his estimated estate of $200 million.  The legendary singer with 8 Grammy Awards with his hit album Purple Rain, featuring popular songs “When Doves Cry” and “Let’s Go Crazy”, had died in 2016 without a will.

” 2 Years Wait for Music Star Prince  $200 Million Estate Beneficiaries “

Before the money can be distributed to Prince’s beneficiaries, his 6 surviving siblings, the executor of Prince’s estate, Comerica Bank and Trust, and the United States Internal Revenue Service (IRS) have to agree on the value of Prince’s estate.   It is estimated about 50% of his estate will go towards IRS and the state of Minnesota for taxes & estate duties (Prince was born in Minnesota in 1958 and is a resident in Minnesota).  The actual value has  yet to be concluded due to appraisals of his estate, including his music, videos, assets and his Paisley Park studio in Minnesota.

According to filings in 2018, the executor of his estate, Comerica Bank and Trust and its lawyers have already collected at least $5.9 million in fees and expenses.  The heirs are concerned they will be left with little, after all taxes & fees.  In a hearing, Carver County District Judge Kevin Eide has told the executors to keep spending under control. The siblings have also been reported to disagree on the estate handling, and some are considering litigations regardless of the final distribution terms.

Prince is one of the most successful and best-selling music artists of all time.  He won numerous awards including 8 Grammy Awards, 6 Americans Music Awards, a Golden Globe Award, an Academy Award for the 1984 Purple Rain film and a Rock and Roll Hall of Fame inductee in 2004.  Born in 1958, he died at the age of 57 in 2016 due to an accidental drug overdose.

Sources: Star Tribune, ABC News

 

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