6-Year Fight Over Prince's Estate Comes to an End After Money Split Down the Middle
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The six-year-long court battle regarding Prince's estate finally came to a close, leaving two parties to split roughly $6 million in cash and more regarding the late musician's $156 million estate.
On Monday, the Minnesota First Judicial District issued an order that splits the cash in Prince's estate evenly between two legal entities, Prince Legacy LLC and Prince OAT Holdings LLC, according to a copy of the order obtained by PEOPLE.
Prince Legacy LLC's now 50 percent interest in the late 57-year-old's estate consists of interests previously held by three of Prince's half-siblings, Sharon Nelson, John Nelson and Norrine Nelson, as well as advisors L. Londell McMillan and Charles Spicer.
Prince OAT Holdings LLC — owned by music publishing company Primary Wave — consists of interests once held by Tyka Nelson, Omarr Baker and Alfred Jackson, as well as three separate entities owned by Primary Wave, according to the court documents.
Prince's six half-siblings were named his legal heirs after he died in 2016 with no living children or spouse and no will in accordance to Minnesota law, according to Billboard. Tyka Nelson, Omarr Baker and Alfred Jackson sold their interests to Primary Wave in the years since, creating the half of Prince's estate now owned under Prince OAT Holdings LLC.
Prince's remaining three siblings who did not sell their interests now control the other half alongside their advisors, according to Billboard.
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The court order also reads that the bank assigned by the court to administrate the estate's affairs while its future was litigated, Comerica Bank & Trust, will retain $3 million in reserve funds to pay "the costs and expenses associated with closing the Estate," including tax returns, professional fees and any other expenses needed.
Comerica is required to distribute any unspent funds at three different periods between now and Jan. 31, 2024, with future distribution also split 50/50 between Prince OAT Holdings LLC and Prince Legacy LLC, according to the court order.
Primary Wave told Billboard in a statement Monday that it was "extremely pleased that the process of closing the Prince Estate has now been finalized."
"Prince was an iconic superstar and this transfer out of the court's jurisdiction puts in place professional, skilled management," Primary Wave said in the statement obtained by Billboard. "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."
Primary Wave did not immediately respond to PEOPLE's request for comment Tuesday.
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In a separate statement made by McMillan on behalf of his group, he told Billboard that they were "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" and that he looked forward to "implementing things the way Prince did."
"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," McMillan told Billboard in a statement. "It is a historical and very exciting time. Prince is almost free to rest now…"
Prince, whose full name was Prince Rogers Nelson, died of an opioid overdose on April 21, 2016.
