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*As Prince fans prepare to celebrate his life on the second anniversary of his death, a new report reveals that his family has yet to see a dime from his estimated $200 million estate, while lawyers and “consultants” leach millions.
As outlined by Page Six, the family’s long battle to settle the estate provides a cautionary tale about dying without a will, as Prince did when he died of an accidental opioid overdose at his suburban Minneapolis studio on April 21, 2016.
Here’s a look at where things stand:
“The executor of the estate, Comerica Bank and Trust, can’t split the money among Prince’s six surviving siblings until the Internal Revenue Service and executor agree on the estate’s value when Prince died.”
“It’s not clear when that might happen. The IRS and state of Minnesota are entitled to collect about half, though the estate can stretch out the payments over time.”
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In the meantime, according to the report “the six heirs have been bitterly split. Sharon Nelson, Norrine Nelson and John R. Nelson form one faction that has battled Comerica and other heirs on several fronts, including Comerica’s decision to move the contents of Prince’s vault of recordings from Paisley Park to Los Angeles.”
“But the six showed rare unity last week when Tyka Nelson, Omarr Baker and Alfred Jackson joined the other three in strenuously objecting to an unspecified “entertainment transaction” in the works that they say would be “an embarrassment to Prince’s legacy.” The volume of heavily redacted and sealed court filings and counter-filings suggests it’s big, but the public portions don’t say whether it’s a new music rights deal to replace a failed agreement with Universal Music Group or something else. A hearing is scheduled for Wednesday.”
WHO IS GETTING PAID SO FAR?
“A small army of lawyers and the taxman. Public filings don’t say how much the estate has already paid the IRS and state of Minnesota, but Comerica and its lawyers have already collected at least $5.9 million in fees and expenses, according to a filing last month.”
“There is legitimate concern that at the end of the Estate’s administration there will be little, if anything left to pass on to the Heirs,” attorneys for Sharon, Norrine and John wrote in that filing.
Carver County District Judge Kevin Eide has reminded everyone to keep spending under control, writing that the estate “is not an unlimited resource!”
“The agenda for Wednesday’s hearing includes a Comerica motion to approve some sort of settlement, including a settlement is the estate’s lawsuit against Jay Z’s Roc Nation and the Tidal streaming service over alleged copyright violations.”
The report noted that “whatever the settlement is about, Sharon, Norrine and John oppose it. They say the estate could win more in litigation.”
