It seems as if an agreement on the total value of Prince’s estate might soon be reached. Court proceedings are scheduled to begin in February 2022, and the news comes after The Minneapolis Star Tribune reported that in November this year, tax filings were made, which show an agreement over the total worth of Prince’s assets.
The total figure hasn’t been revealed, but many commentators expect it to be somewhere in the region of $100 million (£75m). The Internal Revenue Service (IRS) determined that the Minneapolis singer’s assets are worth $163.2 million (£122m), whilst administrators, Comercia Bank & Trust, calculated the total to be $82.3 million (£61m). This resulted in the IRS serving the estate an accuracy penalty of $6.4 million (£5m).
Discussions in court will kick off in February but the Carver County probate court has yet to agree on how the late singer’s assets will be shared. It is thought that the shares will be divided by music company Primary Wave and the singer’s three oldest heirs. Primary Wave bought the majority interests from Prince’s youngest siblings, with his three elder siblings holding firm against their offers.
Tragically, Prince died of a fentanyl overdose at home in April 2016, with no will. In October this year, his estated released unearthed demo ‘Do Me, Baby’ to coincide with the 40th anniversary of Prince’s lauded fourth album, Controversy.
It’s been a busy year for Prince’s estate. In July, Prince’s “lost” album Welcome 2 America was freed from the vault. The singer recorded the 23-track album back in 2010, but never released it. So to precede the release, the single, ‘Born 2 Die’ was released in June.
It is said that the song is Prince’s attempt to imitate Curtis Mayfield after watching a Dr. Cornel West on YouTube during which he announced, “I love my brother Prince, but he’s no Curtis Mayfield.”
According to Prince’s musical supervisor Morris Hayes, this prompted The Purple One to say: “Oh really? We’ll see about that!”. So, he penned the very Mayfield-Esque track ‘Born 2 Die’ in response. Although, naturally, he couldn’t help putting his own text-speech flourish on the title.