Prince died three years ago, but the fight over his estate lives on

The recording artist’s estate, including a Caribbean villa, is valued at $200M

National /
Apr.April 28, 2019 09:00 AM

Musician Prince performs onstage at the 36th Annual NAACP Image Awards at the Dorothy Chandler Pavilion on March 19, 2005 in Los Angeles, California. (Credit: Getty Images)

Sunday is the third anniversary of the death of recording artist Prince and the legal fight over his estate – including a 10,000-square-foot Caribbean villa – could continue for years to come.

When Prince died at age 57 of an opioid overdose, he left behind an estate with an estimated value of $200 million that includes the villa and master tapes of his recordings, according to the New York Post.

His heirs said in a probate-court petition that they are challenging the court-appointed administrator of the estate, which has charged $45 million in administrative expenses since Prince died in 2016 at his Paisley Park mansion near Minneapolis.

Comerica, a Dallas bank, has been the estate administrator since succeeding Bremer Trust, a financial institution in St. Paul, Minnesota, that served temporarily over nine months in that role.

Prince’s heirs claimed in a petition filed in February that Comerica is behind in making $31 million of estate tax payments and interest is accumulating on the unpaid balance.

Comerica insisted in court filings that it is well qualified to continue as the administrator of Prince’s estate, but the bank also acknowledged that “the heirs are understandably frustrated that, three years after their brother’s death, the estate is not ready to be closed.”

Efforts to grab part of Prince’s estate began immediately after his death in April 2016, when more than 45 people claimed to be his heirs. Prince had no will, so a judge named the “Purple Rain” singer’s six siblings as his heirs. [NYP] – Mike Seemuth


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Neil Patrick Harris and David Burtka in front of 2036 Fifth Avenue (Getty Images, Google Maps)
Neil Patrick Harris sells Harlem brownstone in neighborhood record
Neil Patrick Harris sells Harlem brownstone in neighborhood record
Sean “P. Diddy” Combs, DJ Khaled, Trippie Redd, Lil Wayne, Rick Ross and Kodak Black (Getty, iStock, Illustration by Shea Monahan for the Real Deal)
South Florida’s rapper resi market is super dope fire
South Florida’s rapper resi market is super dope fire
From left: Amy Schumer and 190 Riverside Drive; Jimmy Fallon and 34 Gramercy Park East (Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons, iStock)
Jimmy Fallon, Amy Schumer selling Manhattan pads
Jimmy Fallon, Amy Schumer selling Manhattan pads
Matt Lauer with 26, 28 & 32 Actors Colony Rd (Getty, Susan Breitenbach)
Matt Lauer finds buyer for languishing Hamptons estate
Matt Lauer finds buyer for languishing Hamptons estate
John Steinbeck and his Sag Harbor cottage. (Getty)
John Steinbeck’s Sag Harbor home could become retreat for writers
John Steinbeck’s Sag Harbor home could become retreat for writers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...