Much more behind the source

After nearly six year of legal wrangling, parties to Prince's estate have finally agreed on its value: $156.4 million.

That's far more than the $82.3 million appraisal by the estate's administrator, Comerica Bank & Trust, but not much less than the tax collector's assessment. The Internal Revenue Service in 2020 had valued the estate at $163.2 million.

With an agreement between Comerica and the IRS — with the OK from Prince's heirs — the process of distributing the star musician's wealth could begin in February.

"It has been a long six years," L. Londell McMillan, an attorney for three of Prince's siblings said at hearing Friday in Carver County District Court.

Another interesting note:

In the end, the estate will be almost evenly divided between a well-funded New York music company — Primary Wave — and the three oldest of the music icon's six heirs or their families.

The IRS and Comerica settled last spring on the real-estate portion of Prince's estate. But the trickier task of valuing intangible assets such as rights to Prince's music was not completed until October.

The value of that settlement — $156.4 million — was disclosed Friday in a filing in Carver County probate court.

As part of the agreement, the IRS dropped a $6.4 million "accuracy-related penalty" it had levied on Prince's estate. The Minnesota Department of Revenue, which agreed on the estate's valuation, also has jettisoned an accuracy penalty, the filing said.

Tax collectors will take a bite out of Prince's fortune that will run into the tens of millions of dollars.

[Edited 1/14/22 18:03pm]


[Post on the Estate sticky here - luv4u ----> https://prince.org/msg/7/468446