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Thread started 04/25/16 11:58am

breakbeat

TMZ: Prince money issues

http://www.tmz.com/2016/04/25/prince-money-problems/

PRINCE CASH-STRAPPED DURING LIFE

717
4/25/2016 9:48 AM PDT BY TMZ STAFF
EXCLUSIVE

0422_prince_getty_2Prince had chronic money problems for years preceding his death ... this according to multiple sources who advised the singer.

Our sources -- all of whom had regular contact with Prince and were intimately familiar with his finances -- tell us, the singer refused to leverage or sell his main asset -- his vast music catalog.

The most common way singers like Prince make a steady flow of income is to sell or license their art. We're told Prince consistently shut down business opportunities that could have fueled his finances. Prince had numerous opportunities to use his music in movies, TV shows and commercials, but with few exceptions, he turned thumbs down.

The primary way Prince made money was concerts, but our sources say the singer was so impulsive he would do shows on the spur of the moment with poor planning and little promotion. Although many were successful, enough of them weren't ... causing him to lose a fortune.

The biggest problem ... Prince spent way more than he made, and our sources say money was always an issue. As we reported, the estimated net worth of $300 million was grossly inflated. We're told it's less than half that. It's still a lot of money, but it could've been so much more if he'd cashed in on his greatest asset ... that catalog.



Read more: http://www.tmz.com/2016/0...z46rlcLHEW

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Reply #1 posted 04/25/16 12:00pm

SoulAlive
TMZ just won't stop,will they? Smh
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Reply #2 posted 04/25/16 12:02pm

Guitarhero

Never heard of TMZ till this tragic death of my musical hero , but i hate them already. sad

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Reply #3 posted 04/25/16 12:02pm

breakbeat

Makes me wonder if whoever gets control will cash in on it. His music could end up everywhere all of a sudden.

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Reply #4 posted 04/25/16 12:02pm

Marrk

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Stop promoting TMZ!

Even if he "only" had $150m, how the fuck is that an issue? neutral

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Reply #5 posted 04/25/16 12:03pm

Moonbeam

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Having a fortune of $100 million doesn't sound like money issues to me...

Prince did it his way. It could be frustrating at times as a fan when things were announced so quickly or plans went by the wayside, but I'll be damned if it hasn't been an entertaining ride.

Feel free to join in the Prince Album Poll 2018! Let'a celebrate his legacy by counting down the most beloved Prince albums, as decided by you!
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Reply #6 posted 04/25/16 12:03pm

jasopig

The problem is the premise on which the article is based is demonstrably false. Namely, the notion that his concerts (with little planning and little promotion) fared poorly. Other than some of the Paisley Park shows, which you rarely knew if it was a party or a concert, find me one.

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Reply #7 posted 04/25/16 12:04pm

breakbeat

Guitarhero said:

Never heard of TMZ till this tragic death of my musical hero , but i hate them already. sad

The video of them hounding Wendy & Lisa at the airport was a bit too vulturey (if that is even a word).

[Edited 4/25/16 12:15pm]

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Reply #8 posted 04/25/16 12:05pm

Marrk

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breakbeat said:

Makes me wonder if whoever gets control will cash in on it. His music could end up everywhere all of a sudden.

I hope not. MJ's estate hasn't.

Freddie Mercury/Queen are on nearly every TV ad in the UK. It's appalling and devalues their music.

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Reply #9 posted 04/25/16 12:06pm

kapo74

Why hate TMZ? They're doing their jobs. This is what happens when celebs die. Unfortunately for us, this is all about Prince. Prepare for a shit storm, or just tune out and be happier without knowing all the shite. Ignorance is bliss smile

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Reply #10 posted 04/25/16 12:06pm

nursev

Moonbeam said:

Having a fortune of $100 million doesn't sound like money issues to me...

Prince did it his way. It could be frustrating at times as a fan when things were announced so quickly or plans went by the wayside, but I'll be damned if it hasn't been an entertaining ride.

this

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Reply #11 posted 04/25/16 12:06pm

breakbeat

Marrk said:

Stop promoting TMZ!

Even if he "only" had $150m, how the fuck is that an issue? neutral

I think what they're saying is that whoever gets control could make a lot more money off his music than Prince did, by selling it/licenses/etc. Which is why I'd like to see whoever gets control of his estate respect it, him and the music.

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Reply #12 posted 04/25/16 12:09pm

mightycow

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the main thing I take away from reading this TMZ article is his integrity as an artist. he rarely compromised - definitely not for money. good for him

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Reply #13 posted 04/25/16 12:12pm

TraSoul82
May we all end up as "cash-strapped" as Prince...
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Reply #14 posted 04/25/16 12:13pm

SquirrelMeat

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We've all debated the money things many times.

I've always thought the cash flow side of things were near zero. I was assuming the Piano and Microphone tour was a way to get some top buck quick. That's just the way he rolled.

The catalogue if the potential cash cow.

.
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Reply #15 posted 04/25/16 12:16pm

terrig

If Prince cared about the money he would have done what everyone expected. He played shows for money and did well enough to keep doing it. Losing money when you're that well off actually SAVES YOU MORE IN TAXES THAN YOUR LOSSES. So theres a strategy there too.

He cared about controlling his catalogue - which he did - that was the part that mattered because that was the differece between rich and wealthy. He probably has it set up to create wealth after his passing.

Prince was very clued in to helping other reach the 'owner' class - I expect to see his publishing company end up funding endowments, schools, ballet companies and funneling money into communities to help create opportunities for others.

I thikn he'll surprise with the depth of his impact when in 20 years we see a bunch of kids going to college on Princes dime. Lets hope for that instead of hlep TMZ make money on clicks.

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Reply #16 posted 04/25/16 12:27pm

UncleGrandpa

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Harvey Levin is practilally busting at the seems to use this moment to promote his site and what he knows, we all should think it's awful on his part.

Jeux Sans Frontiers
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Reply #17 posted 04/25/16 12:37pm

purplethunder3
121

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I wipe my ass with TMZ.

"Music gives a soul to the universe, wings to the mind, flight to the imagination and life to everything." --Plato

https://youtu.be/CVwv9LZMah0
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Reply #18 posted 04/25/16 12:42pm

HatrinaHaterwi
tz

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Harvey Levin's net worth is ONLY at about $15 million, you can Google it. So yeah, he's hu$tling off of our pain and happily doing so. Fuck him! Stop watching and stop clicking. shrug

I knew from the start that I loved you with all my heart.
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Reply #19 posted 04/25/16 1:08pm

weirdozmedia

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Marrk said:

Stop promoting TMZ!



Even if he "only" had $150m, how the fuck is that an issue? neutral




They're saying he had $150 million in assets, not liquid cash. For example, his music catalog + Paisley Park might be worth 150 mill, but that won't do you much good if you're unwilling to rent the Park out to other companies, or license the music out for some income. So that leaves touring and record royalties to cover his overhead, and his tours were sometimes run at a loss and the royalties from his biggest albums split with record companies.

I have no idea if any of this is true btw, just clarifying what they’re claiming.
¡The Future Is Ours, If You Can Count! https://www.youtube.com/w...A_zTY0qWWk
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Reply #20 posted 04/25/16 1:28pm

endiadj

Can TMZ die a slow painful death, please. That's all I ask.

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Reply #21 posted 04/25/16 1:36pm

laurarichardso
n
weirdozmedia said:[quote]

Marrk said:

Stop promoting TMZ!



Even if he "only" had $150m, how the fuck is that an issue? neutral




They're saying he had $150 million in assets, not liquid cash. For example, his music catalog + Paisley Park might be worth 150 mill, but that won't do you much good if you're unwilling to rent the Park out to other companies, or license the music out for some income. So that leaves touring and record royalties to cover his overhead, and his tours were sometimes run at a loss and the royalties from his biggest albums split with record companies.

I have no idea if any of this is true btw, just clarifying what they’re claiming.[/quot
-/- Do you need to have 150 million liqiudated to live!!! He had enough to keep the lights on and pay his staff. He had enough to give away to charity and he could always licensing out songs to movies or T.V programs so he knew he could get money if he really needed it. This Levin dude has an ax to grind to the point of putting shit on the website just drive traffic with headlines that make no sense. Prince was not the greedy bastard that he has been made out to be this is a good thing.
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Reply #22 posted 04/25/16 2:00pm

Fury

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Yeah those poorly attended, poorly reviewed last concerts let us know he was broke. And he had to fly coach.

wink
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Reply #23 posted 04/25/16 2:01pm

purplethunder3
121

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Message for TMZ: flipped off

"Music gives a soul to the universe, wings to the mind, flight to the imagination and life to everything." --Plato

https://youtu.be/CVwv9LZMah0
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Reply #24 posted 04/25/16 2:06pm

NorthC
This is SO unimportant right now.
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Reply #25 posted 04/25/16 2:08pm

funksterr

laurarichardson said:

weirdozmedia said:
Marrk said:

Stop promoting TMZ!

Even if he "only" had $150m, how the fuck is that an issue? neutral

They're saying he had $150 million in assets, not liquid cash. For example, his music catalog + Paisley Park might be worth 150 mill, but that won't do you much good if you're unwilling to rent the Park out to other companies, or license the music out for some income. So that leaves touring and record royalties to cover his overhead, and his tours were sometimes run at a loss and the royalties from his biggest albums split with record companies. I have no idea if any of this is true btw, just clarifying what they’re claiming.[/quot -/- Do you need to have 150 million liqiudated to live!!! He had enough to keep the lights on and pay his staff. He had enough to give away to charity and he could always licensing out songs to movies or T.V programs so he knew he could get money if he really needed it. This Levin dude has an ax to grind to the point of putting shit on the website just drive traffic with headlines that make no sense. Prince was not the greedy bastard that he has been made out to be this is a good thing.

I dunno... if it's on TMZ the odds are extremely high that it's true. TMZ pays for information, but they corroborate and vet it too. They aren't just any random blog. It's looking more and more, to me anyway, like the masters fight might have led to money probs which might have led to something bad.

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Reply #26 posted 04/25/16 2:22pm

Guitarhero

purplethunder3121 said:

Message for TMZ: flipped off

Like biggrin

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Reply #27 posted 04/25/16 2:34pm

breakbeat

funksterr said:

laurarichardson said:

weirdozmedia said:

I dunno... if it's on TMZ the odds are extremely high that it's true. TMZ pays for information, but they corroborate and vet it too. They aren't just any random blog. It's looking more and more, to me anyway, like the masters fight might have led to money probs which might have led to something bad.

Agreed. At least there is usually accurate info on TMZ for those who wish to try to piece together what may have happened to cause the loss of someone so talented and prolific at such a young age. As a fan, I admit I would like to know how we ended up with no Prince so suddenly when I was so sure he was healthy and clean and stuff. He had a strong artistic integrity and if nothing else stories like these show how much of it he had, to not sell out any of his work.

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Reply #28 posted 04/25/16 2:50pm

OldFriends4Sal
e

let's not give a lot of attention to these things

just post them where they belong if they need to be discussed

http://prince.org/msg/7/422464

Absurdities about Prince curiosities -gossip 'he is over' groomings hearsay and...

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