Prince died without a will, and it took six years to settle his $ 156 million property

The money was to go to his six siblings, but two of them have died since the ‘Purple Rain’ artist died of an overdose of drugs in 2016

Article content

Prince’s property has been valued at $ 156.4 million.

Article content

The IRS has been embroiled in a dispute with Comerica Bank, the administrators of the ‘Purple Rain’ singer’s estate, for several years over the value of the deceased star’s wealth, but a Carver County probate case filed Friday showed that they have now reached an agreement, which means that the process of distributing Prince’s assets can now begin as early as next month, the newspaper Star Tribune reports.

The U.S. Internal Revenue Service had estimated the estate at $ 163.2 million, nearly double the $ 82.3 million Comerica had claimed it was worth, resulting in years of litigation.

Prince died of an accidental overdose in April 2016, aged 57, leaving no will, with his fortune to go to his siblings, although two of the six, Alfred Jackson and John R. Nelson, have passed away since then. .

Article content

A lawyer for three of the ‘Raspberry Beret’ hitmaker’s siblings, L. Londell McMillan, said: “It’s been six long years.”

The IRS and Comerica settled the property portion of Prince’s property last spring, but determining the value of intangible assets, such as the right to Prince’s music, meant the process was delayed until October.

The estate is now almost equally divided between a music company, Primary Wave – which bought all or most of the interests out of Prince’s three youngest siblings, including Alfred, while the others rejected their approach – and the three eldest of Prince’s heirs or their families.

As part of the agreement, the IRS has also dropped their request for an accuracy penalty of $ 6.4 million.

Comerica claimed the IRS settlement was “fair and equitable.”

They also told Princes’ beneficiaries that if lowering property taxes was their “primary interest”, they should continue with the dispute and, if necessary, go to court where they were sure they would have “won”.

Their lawsuit stated: “Instead, the members of the heirs’ group have uniformly communicated to [Comerica] their strong desire for the estate to settle with the tax authorities. ”

Reporting by Bang Showbiz

Follow us on Google News

Disclaimers for mcutimes.com

All the information on this website – https://mcutimes.com – is published in good faith and for general information purposes only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.

Give a Comment