A whopping $31 million is in the balance as Prince's heirs wait for a Minnesota court judge to determine the fate of a megabucks deal between the singer's estate and Universal Music Group, RadarOnline.com has learned.
Prince died of an overdose on April 21, 2016. Just a few months later, his estate cut a $31 million deal with Universal Music Group for the rights to his catalog. Now, other members of his family and Warner Brothers reps want to be allowed to view the terms of that agreement to determine whether it is valid.
In a proposed court order obtained by Radar, the previous special administer of the estate, Bremer Trust, asked a judge to give Prince’s heirs and Warner Brothers reps access to the estate's $31 Million catalog agreement with Universal Music Group.
Bremer Trust said that such access is necessary, so the heirs and Warner Brothers can figure out if there is overlap between the two record company's claims on Prince's catalog.
When he was alive, Prince cut a monumental 2014 deal with Warner Brothers that gave him ownership of his catalog, but promised the record company future projects. It's unclear if the Universal Music Group deal that his estate signed after his death violates that agreement.
In fact, just last week another court filing asked the judge to completely dissolve the posthumous Universal Music deal until it's clear which contract is binding and how.
A ruling could be one step closer to a multi-million-dollar payday for Prince’s heirs, who are all his siblings. As Radar previously reported, the heirs just last week won court support appointing them as legal heirs.
Prince’s music catalog has been estimated to be worth tens of millions of dollars. The hearing on the fate of the Universal Music deal is set for May 31.
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