Prince may be one of the most talented artists and performers to ever walk on earth. Let’s just say members of his family are not, but they hit the gene pool lottery, and now it appears that every half-brother and third cousin of Prince with their hand out looking to claim a stake of his fortune and estate are going to get paid.
If there is ever an Exhibit A as to why you should have a will, especially if millions of dollars are at stake, the squabble over Prince’s money is it.
The Star Tribune in Minneapolis said the parties of Prince’s estate have agreed, after almost six years, that the value of the music legends estate can be set at $156.4 million.
In 2020, the IRS valued it at $163.2 million, and the administrator of the estate had it appraised for $82.3 million, so the family members really hit the jackpot it seems.
Starting Monday, the process of distributing the wealth will begin, and if you’ve followed this story since Prince died in 2016, you might be thinking this is going to be a heck of a fight… I mean negotiation. Actually, a lot of the details have been settled already.
Two of Prince’s siblings are in their 80’s. Two others have died. So it looks like the fortune will be divided between the three oldest of his heirs or their families, along with the music company Primary Wave. Primary Wave is involved because they bought out the interests of Prince’s three youngest siblings so they could get their hands on their half-brother’s money quicker. They had some shopping to do!
Tax collectors will get tens of millions too, as the estate falls under a federal tax rate of 40%.
It’s so sad that part of the legacy of Prince, at least to some observers, has partly become a story of his family members who turned a brilliant artists’ life’s work into a money grab because he did not have a will.