Prince’s Estate Is a Royal Mess: 5 Ways You Can Do Better
When pop superstar Prince died of a fentanyl overdose in 2016, he left behind significant assets, many relatives … and no will. It was a recipe for disaster. In addition to tangible assets – money in the bank, real property – Prince left music rights and the value inherent in his name and likeness. Comerica, the estate’s administrator valued it all at $82.3 million; the IRS said it was worth twice that amount – a whopping $163.2 million – and asserted a tax claim for $39 million.
It took six years and tens of millions of dollars in legal fees, but the heirs and the IRS finally in January, agreeing on a passed away in 2019, leaving a will that opened the door for new, unrelated parties to assert claims against the estate. Now the process of distributing the vast estate finally begins.
