In 2016, the world lost an icon through singer and songwriter Prince Rogers Nelson.
A decision on the estate’s value was made by the Internal Revenue Service (IRS) and Comerica Bank & Trust due to the fact that there was no will left behind by the singer. The Minneapolis native’s estate is valued at $156.4 million and will now be evenly distributed among music company, Primary Wave, and the late singer’s three oldest heirs.
A Long Six Years
“It has been a long six years,” said L. Londell McMillan, the attorney for three of Prince’s siblings during a court hearing at a Carver County District Court last week.
At the time of his death, Prince left behind six sibling heirs. During the long journey to figuring out the matters of his estate, two of his siblings, Alfred Jackson and John R. Nelson died. Two other siblings are now in their 80s.
The Fight Continues
Although an agreement in the matters of the Prince estate has been made, the fight continues as they face an “accuracy-related penalty” made by the IRS in the amount of $6.4 million. The Minnesota Department of Revenue also hit the estate with penalties thanks to taxes running in the tens of millions.
In 2020, the IRS was met with a lawsuit filed by Comerica who claims that the agency’s calculations were filled with errors. They also still encourage the heirs of the late “Purple Rain” singer to go to trial if they are interested in lowering the estate tax.
At this time, they have decided to settle for the current offer that’s on the table.
“The members of the heir group have uniformly communicated to [Comerica] their strong desire that the estate settle with the taxing authorities,” read a filing during the hearing.
According to Complex, in 2021, Prince’s estate released “Welcome 2 America,” the artist’s “first full-length posthumous project made up of new material.”