Prince’s Estate Is Reportedly Valued Less Than His Peers At $156.4 Million
Prince’s estate fiasco has finally ended.
Legendary musician Prince’s estate is now reportedly worth $156.4 million. The parties settled on the amount after six years of negotiation.
When the widely-successful artist died in 2016, he didn’t have a will drawn up, leaving his six siblings and half-siblings to fight for their segment of the estate. Comerica Bank & Trust had originally valued it at $82. 3 million, which led to the six-year battle.
The value is significantly smaller than Prince’s peers. Bruce Springsteen’s publishing is reportedly worth close to $550 million, while Bob Dylan and David Bowie’s are around $400 million and $250 million. However, continuing the court proceedings would require extra cash. Prince’s siblings have “run up tens of millions of dollars in legal fees” and “were eager to settle.”
The “Diamonds and Pearls” vocalist’s earnings are expected to be split almost evenly amongst his heirs next month. Primary Wave Music, a music publishing and talent management company, along with his three oldest siblings, will receive a piece of the pie. The three younger siblings, excluding one who’s deceased, sold their interests to Primary Wave.
Tens of millions of dollars in taxes will reportedly be cut from the estate, the majority of it being taxed at 16% when it’s all said and done.
Prince died on April 21, 2016, at the age of 57. His cause of death was reportedly an accidental Fentanyl overdose. Throughout his career, which began in 1975, he released 39 albums. Many of them went multi-platinum and held groundbreaking positions on the charts. At the time of his death, he was still performing and recording music.
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