Prince’s Estate Given $156.4 Million Valuation

·2 min read
US singer Prince performs on October 11, 2009 at the Grand Palais in Paris. Prince has decided to give two extra concerts at the Grand Palais titled “All Day/All Night” after he discovered the exhibition hall during Karl Lagerfeld’s Chanel fashion show. AFP PHOTO BERTRAND GUAY
US singer Prince performs on October 11, 2009 at the Grand Palais in Paris. Prince has decided to give two extra concerts at the Grand Palais titled “All Day/All Night” after he discovered the exhibition hall during Karl Lagerfeld’s Chanel fashion show. AFP PHOTO BERTRAND GUAY

After six years of evaluations and assessments, Prince’s estate has been valued at $156.4 million, per Variety.

Prince’s estate has been mired in questions and yes, controversy, since the singer’s death in 2016. The artist did not leave a will, was not married and did not have children, therefore six of his siblings and half siblings were named as his heirs.

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Comerica Bank & Trust, which is exiting its duties as administrator, previously valued the estate at $82.3 million, leading to disagreement from the heirs. Last year, the IRS gave the estate a $163.2 million valuation.

Now all parties involved have agreed to the $156. 4 million number. With the valuation finally settled, Prince’s wealth could be distributed as soon as next month, according to Variety.

“It has been a long six years,” L. Londell McMillan, an attorney for three of Prince’s siblings said at a hearing in Carver County District Court.

Primary Wave and Prince’s three older siblings own the estate, with the singer’s three younger siblings selling all or most of their shares to Primary Wave. The other three siblings transferred a portion of their shares to McMillan. After a long and costly legal battle, the estate will be divided almost evenly among all these parties.

With artists like Bruce Springsteen, David Bowie and John Legend selling their extensive song catalogs for enormous sums, it was important to everyone involved to finally get this situation settled, so they can all move on.

The agreement includes the IRS dropping an “accuracy-related penalty” of $6.4 million, and the Minnesota Department of Revenue also dropping its penalty.

By federal law, a little more than $5 million is tax exempt, “but thereafter the tax rate is 40 percent.” Under Minnesota law, “the first $3 million is tax-exempt; after that, much of Prince’s estate will likely be taxed at 16 percent.”

Honestly, it’s just nice to see all this finally sorted out, as Prince was such a private person, his family business doesn’t need to be splashed across the trades anymore.