An agreement on the total worth of Prince‘s estate may soon be reached, following court proceedings set to begin in February 2022.
As reported by Billboard (via The Minneapolis Star Tribune), tax filings made in November of this year show an agreement was made as to the total value of Prince’s assets.
Though the final figure hasn’t been disclosed at the time of writing, the amount is expected to be more than US$100 million (£75m). The Internal Revenue Service (IRS) determined the late singer’s assets were worth US$163.2 million (£122m), while estate administrator, Comerica Bank & Trust, countered that figure putting the number at US$82.3million (£61m). This resulted in the IRS imposing a $6.4million (£5m) accuracy penalty upon the estate.
Discussions in court are set to proceed in February, with the Carver County probate court yet to approve the agreement and how assets will be divided.
The estate is expected to be divided between music company Primary Wave and Prince’s three oldest heirs. Primary Wave had bought out the majority interests from Prince’s youngest siblings (one since deceased), with the ‘Purple Rain’ icon’s three elder siblings (another dying in September of this year), rejecting offers from the company.
Prince died of a fentanyl overdose at his home in April 2016, leaving no will.
In October, the estate shared a previously unheard demo of ‘Do Me, Baby’, released to coincide with the 40th-anniversary celebrations of the original release of Prince’s fourth album from 1981, ‘Controversy’.
Back in July, Prince’s “lost” ‘Welcome 2 America’ album was released. NME‘s four-star review of the album said it was one that “speaks to today’s problems and demands to be heard. It’s better to have it now than never.
“His name was Prince and he was funky, and it seems he has so much more to tell us.”
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