Prince $156.4 Million Estate Battle Comes To An End – Family Set To Split Only $6 Million
Prince’s family’s lengthy legal battle over his multi-million-dollar estate has come to an end, RadarOnline.com has learned.
The surprising development came more than six years after the legendary singer and songwriter’s death in April 2016, in which he left behind an estate totaling more than $156 million in value.
Now, according to The Blast, his surviving family members have come to an agreement – and they are only set to split nearly $6 million of the $156.4 million estate.
“Excepting the Reserve and following the payments set forth in Paragraph 8, herein, the property of the Decedent on hand for distribution consists of the following: $5,638,878.29 in cash,” the newly released court documents and final agreement reads.
The court documents also revealed the nearly $6 million is set to be split between the late singer’s three oldest siblings and Primary Wave – a New York music company that bought part of Prince’s estate from the singer’s sister, Tyka Nelson, as well as Prince’s brothers, Alfred Jackson and Omarr Baker.
John R. Nelson and Jackson, two of Prince’s heirs, passed away during the six-year legal battle and their families are not set to receive any of the $6 million final distribution.
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Comerica Bank, the financial institute overseeing both the administration of Prince’s estate and the legal battle over the $156 million estate, is also set to retain a $3 million “reserve” in a proactive effort to battle any legal cases or issues in connection to the estate that have not yet been completed.
“Comerica shall retain a total of $3 million as a reserve to ensure it can pay the costs and expenses associated with closing the Estate,” the final agreement read, “including the preparation of tax returns, professional fees, expenses, and any awards entered in pending litigation involving the Estate, expenses previously incurred by the Estate for which it has not received invoices, and any other necessary expenses.”
As RadarOnline.com previously reported, Prince’s estate was officially valued at $156.4 million earlier this year following a review by both the IRS and Comerica Bank – although Comerica initially valued the estate at $82.3 million while the IRS found the estate to be valued at $163.2 million.
Following the official evaluation of $156.4 million in January, the legal proceedings and process of distributions among Prince’s heirs were given the green light.
The distribution of Prince’s estate also comes just more than six years after the late singer was found dead at his Paisley Park, Minnesota home on April 21, 2016.
According to the Midwest Medical Examiner's Office in Anoka County, via a press release on June 2, 2016, the Purple Rain singer passed away from an accidental overdose of fentanyl at the age of 57.
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