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Trouble appears to be brewing regarding Prince’s $156 million estate.
Jan 12, 2024
A few names will come up in conversations about musical GOATS. From Michael Jackson to Aretha Franklin to Beyoncé, music fans have decades of musical options to tap into. But one could argue that no list is complete without the musical variety of Prince. Prince Rogers Nelson, commonly known as Prince, displayed musical talents at an early age that defined his long career of creativity. Throughout his tenure, he recorded classic hits such as “When Doves Cry,” “1999,” and his biggest chart-topping single and album — “Purple Rain.” It is well documented that the artist was adamant about owning the music he produced. And when he was entrenched in a legal battle relating to ownership, he went to what some might consider extreme measures to get his point across and fight for the creative freedom he desired.
Jul 18, 2023
Preparation for life after death, though daunting, is essential. This can take root in several forms, including a will or trust. A thorough understanding of the differences between the two is paramount to making the right decision for the beneficiaries who will seize control of the mentioned assets.
May 24, 2023
Would you rent out your newly owned home? For Carlos Boozer, he made it happen for a late legend for a hefty charge.
Mar 3, 2023
If you take a look at Prince’s career, it’s a known fact that the words “Purple Rain” was a pivotal moment in his impact across industries. As previously reported by AfroTech, it’s the name of the music legend’s best-selling album. The phrase “Purple Rain” is also tied to his film debut in 1984, which went on to receive an Academy Award for “Best Original Song Score” and a Grammy for “ Best Album of Original Score Written for a Motion Picture or Television Special .” Prince’s influence is clear, which is why his estate recently won a trademark lawsuit.
Sep 2, 2022
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...
Aug 3, 2022
There’s no question that Prince is a musical legend. There’s also no question that his legend status extends above and beyond Black music and culture — and has, instead, entered the pop culture zeitgeist . But when one truly considers the numbers achieved by the musical great — and at the time he did it — it makes his accomplishments even more impressive. According to Forbes, Prince Rogers Nelson — as he was called on the day of his birth — sold more than 100 million units of his songs from the day of their first release in the 1970s until the day he died in April 2016. That number, as we will see, spiked significantly in the wake of his death. Despite his musical prowess, however, some songs — and albums — were more popular than others. It’s perhaps unsurprising that “ Purple Rain ” — perhaps his best-known album thanks to the super-smash song, “When Doves Cry” — is the best-selling album of his career. “Purple Rain had 3,107,000 buyers in the Soundscan Era, that is 1992 to date,...
Jun 7, 2022
In 2016, the world lost an icon through singer and songwriter Prince Rogers Nelson. Now, Complex reports that an agreement on the value and administrator of his estate has been made about six years following the untimely passing of the superstar. 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.
Jan 18, 2022