Settlement Reached After 6-Year Fight Over Prince’s $156.4 Million Estate
Written by SOURCE on August 4, 2022
The six-year legal battle over Prince’s $156.4 million estate has finally come to an end.
Billboard reports a Minnesota judge has signed off on a deal that will split the estate, which includes roughly $6 million in cash in addition to nearly $150 million in music rights and other intangibles, evenly between two legal entities, Prince Legacy LLC and Prince OAT Holdings LLC.
Prince Legacy LLC is controlled by three of Prince’s half-siblings, Sharon Nelson, John Nelson and Norrine Nelson. Prince OAT Holdings LLC, which is owned by music publishing company Primary Wave, consists of interests held by Tyka Nelson, Omarr Baker and Alfred Jackson.
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” Primary Wave told 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.”
Prince’s lawyer, L. Londell McMillan, told the outlet that he is “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.”
McMillan added, “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, Paisley Park events, branded products and more. It is a historical and very exciting time. Prince is almost free to rest now.”
The news comes more than six years after Prince’s 2016 death, and several months after the value of his estate was determined by Comerica Bank & Trust and the IRS. Prince did not leave a will for himself, and Comerica previously left a $82.3 million appraisal, while the IRS valued it at $163.2 million back in 2020.
