Shubham Banerjee on August 4, 2022
Prince is widely regarded as one of the greatest musicians of his generation. The performer was known for his flamboyant and androgynous persona. He amassed a massive fortune, thanks to his musical talents. His vast holdings can now be finally handed out to his heirs after the six-year legal battle over Prince’s $156.4 million estate came to an end.
Billboard reports that a Minnesota judge has signed off on a deal that will finally settle all disputes relating to his $156 million estate. The deal will split the estate, which includes roughly $6 million in cash in addition to nearly $150 million in music rights and other intangibles, evenly between two legal entities, Prince Legacy LLC and Prince OAT Holdings LLC.
Prince Legacy LLC is controlled by three of Prince’s half-siblings, Sharon Nelson, John Nelson and Norrine Nelson. Prince OAT Holdings LLC, which is owned by music publishing company Primary Wave, consists of interests held by Tyka Nelson, Omarr Baker and Alfred Jackson. After the judge signed off on the deal Primary Wave spoke about how iconic of a star Prince is. ,
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management, When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince’s incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship.”
Prince’s lawyer, L. Londell McMillan, told the outlet that he is “relieved and thrilled to finally be done with the Probate Court system and bankers who do not know the music business and did not know Prince.” McMillan also revealed what he hopes to achieve with Prince’s assets.
“I represented Prince for over 13 years and we led with innovation to reform the music industry – we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisley Park events, branded products and more. It is a historical and very exciting time. Prince is almost free to rest now.”
The news comes more than six years after Prince’s 2016 death, and several months after the value of his estate was determined by Comerica Bank & Trust and the IRS. Prince did not leave a will for himself, and Comerica previously left an $82.3 million appraisal, while the IRS valued it at $163.2 million back in 2020. Meanwhile, you can check out the court documents below.
In the Matter of Prince Rog… by Billboard
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August 4, 2022 1:29 pm
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