Six years after the passing of the legendary musician Prince, a ruling has ended the battle over his estate.
Since Prince had no will, children, or spouse, this placed six half-siblings as his legal heirs and catalyzed the probate process in court to divide Prince’s estate. In January, there was progress as the heirs closed a deal with the Internal Revenue Service marking the tax valuation of the estate to $156 million, according to Billboard. One month later, the judge recommended turning Prince’s holdings into limited liability companies (LLCs). The move decreased the estate’s tax exposure and solidified a management plan for how the parties involved could collaborate to administer music and other jointly-held assets.
Three of Prince’s half-siblings, Tyka Nelson, Omarr Baker, and Alfred Jackson, sold all or most of their shares of the estate to Prince Oat Holdings LLC (Primary Wave). The remaining three reportedly retained their stakes and partnered with advisors L. Londell McMillan and Charles Spicer.
Now a resolution has been reached after a long-fought battle.
A hearing on July 29, disclosed an agreement to distribute Prince’s estate, including $6 million in cash and more due to music rights and other intangibles, Billboard reports.
Primary Wave will split the funds with Prince Legacy LLC, which is “the heirs plus McMillan and Spicer, and managed by McMillan’s NorthStar Group,” after a hearing on Aug. 1 facilitated by a Minnesota judge, the outlet also reports. During the probate case, Comerica Bank & Trust served as a court-appointed administrator to oversee the handling of the estate.
Statement From Primary Wave, According to Billboard:
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” Primary Wave said, according to 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.”
The Court Battle
McMillan issued a statement 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 were looking forward to “implementing things the way Prince did,” Billboard reports.
“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, Paisly Park events, branded products and more,” McMillan said in an email, according to the outlet. “It is a historical and very exciting time. Prince is almost free to rest now.”
