Prince’s Estate Valued At $156.4 Million
After six years, the legal battle over Prince’s estate has concluded and his wealth can finally be distributed.
According to Billboard, a report from the Minneapolis Star Tribune says that the IRS and estates administrator, Comerica Bank & Trust, have settled on a final valuation of $156.4 Million. An earlier appraisal from Comerica had valued at $82.3 Million while the IRS valued the estate at $163.2 Million in 2020. There were a total of 6 sibling heirs. Two of their heirs passed before the final valuation and two others are in their 80s. The estate will be almost evenly divided between Primary Wave, a NY music company and the three oldest heirs or their families.
The IRS and Comerica were able to settle the real estate portion of Prince’s estate last Spring but it took some time for the rights to Prince’s music. Also, as part of the agreement, the IRS dropped a $6.4 Million penalty. The Minnesota Department of Revenue also dropped an accuracy penalty. Taxes, however, will cost tens of millions of dollars.
