*Prince’s business affairs were “chaotic” at the time of his April 21 death, and now his legal team and relatives are scrambling to get things in order, according to TMZ:
Sources close to the singer tell TMZ he often switched up his team of advisers, especially if he didn’t like what they had to say. We’re told Prince lacked high powered attorneys with the kind of experience needed to sort out business affairs, and handle a music catalog like his.
Our sources say Prince’s sister Tyka has been calling most of the shots since his death. However, we’re told even honchos at his label, Warner Bros Music aren’t sure where the rights to his songs will fall.
We’re also told reports of the singer’s fortune being close to $300 million are inflated, and it’s probably closer to half that. Still, it’s a ton of dough someone will have to control.
TMZ also cited Prince sources who claimed the artist was “cash strapped” in recent years because he refused to leverage his main asset — his extensive music catalog.
We’re told Prince consistently shut down business opportunities that could have fueled his finances. Prince had numerous opportunities to use his music in movies, TV shows and commercials, but with few exceptions, he turned thumbs down.
The primary way Prince made money was concerts, but our sources say the singer was so impulsive he would do shows on the spur of the moment with poor planning and little promotion. Although many were successful, enough of them weren’t … causing him to lose a fortune.
The biggest problem … Prince spent way more than he made, and our sources say money was always an issue. As we reported, the estimated net worth of $300 million was grossly inflated. We’re told it’s less than half that. It’s still a lot of money, but it could’ve been so much more if he’d cashed in on his greatest asset … that catalog.