January 17, (THEWILL) – The six-year legal battle over late pop superstar, Prince’s estate has ended.
This signifies that the process of distributing the artist’s wealth could begin next month.
Prince’s wealth, which totaled $156.4 million, was fought over by a number of potential heirs because the Purple Rain singer did not leave a will before his untimely death at 57 in 2016.
The Internal Revenue Service and Commerical Bank & Trust, the estate’s administrator, finally came to an agreement on the valuation after giving wildly different estimations at the beginning.
While the government agency originally set their opinion at $163.2 million, Comerica Bank & Trust gave a much more modest value of $82.3 million.
Prince died of a fentanyl overdose in 2016. His heirs started a legal battle following his death.
Two of Prince’s six siblings, Alfred Jackson, and John R. Nelson, have since died, while two others are in their 80s.
Administrators will evenly divide the estate between the three oldest heirs of the later singer and a New York music company called Primary Wave.
The agreement the sides came to in October resulted in the IRS dropping a $6.4 million ‘accuracy-related penalty’ it had levied. The Minnesota Department of Revenue also dropped its own penalty.
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