Prince died of a fentanyl overdose in April 2016. He did not leave a will
A long legal fight over the value of Prince‘s estate has come to a conclusion.
After nearly six years of legal wrangling, parties to the late rock star’s estate have finally agreed on its value at $156.4 million, according to the Star Tribune of Minneapolis.
The estate’s administrator, Comerica Bank & Trust, had appraised it for $82.3 million.
The IRS in 2020 put the value at $163.2 million.
With the agreement between all parties, the process of distributing the star musician’s wealth could begin in February.
Prince died of a fentanyl overdose in April 2016. He did not have a will. The Minneapolis native, who won seven Grammys and had 38 nominations during his career, was 57 years old.
Two of Prince’s six sibling heirs, Alfred Jackson and John R. Nelson, have since died. Two others are in their 80s.
The estate will be almost evenly divided between a New York music company — Primary Wave — and the three oldest of the music icon’s six heirs or their families.
The IRS and Comerica settled last spring on the real-estate portion of Prince’s estate.
Valuing intangible assets such as rights to Prince’s music was more involved and was not completed until October.
The value of that settlement was disclosed Friday in a filing in Carver County probate court.
Tens of millions of dollars will be coming out of Prince’s estate and gong to tax collectors.
A bit more than $5 million of Prince’s estate will be exempted from taxes under federal law, but thereafter the tax rate is 40%.
Minnesota law says the first $3 million is tax-exempt; after that, much of Prince’s estate will likely be taxed at 16 %.
Primary Wave bought out all or most of the interests of Prince’s three youngest siblings, including Jackson, who died in August 2019.
The three older siblings last year transferred an undisclosed portion of their stake to McMillan and Charles Spicer, who have represented them in estate proceedings.