What happens next to his $150 million-plus estate?
These are dark days at Prince’s Paisley Park studio. According to court documents filed yesterday by his sister, Tyka Nelson, the legendary musician died last week without a known will. Now the sprawling compound is one small part of a multi-million dollar estate facing an uncertain future.
Prince earned over $270 million pretax in the 14 years FORBES generated estimates for; current estimates place the value of his estate at between $150 million and $300 million. Estates of this size are usually controlled through a variety of trusts. That the artist–who so meticulously pulled his music from streaming and online platforms–died without a will or any apparent estate planning is highly unexpected.
“For significant estates, especially where the client has been really careful about their intellectual property during lifetime, it’s surprising that there’s no trust in place,” said Laura Zwicker, a partner at Greenberg Glusker who counsels high net worth families on estate planning.
In the absence of clear legal directives, his estate now goes to probate and falls under the jurisdiction of Minnesota. The state court will appoint a special administrator, who will help direct business interests, figure out what Prince owned and value each property–and liability. The state will then determine who will receive those assets.