Six years after his death, Prince’s family have come to an agreement over the division of his $156million. The musician didn’t have a will written before he passed away, and he also didn’t have a spouse or children; therefore, all of Prince’s estate passed to his six half-siblings.
Half of those sold their shares to a company, Primary Wave, after they bought the rights to Prince’s back catalogue last year. Meanwhile, the rest decided to keep their shares and put L Londell McMillan and Charles Spicer in charge of them.
A Minnesotan court has now reached an agreement to split the shares among the three remaining heirs, their families, the advisers, and Primary Wave. A Primary Wave spokesman told Billboard they were “extremely pleased that the process of closing the Prince estate has now been finalised”.
The statement continued: “Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management. When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince’s incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship.”
McMillan also said he was “relieved and thrilled to finally be done with the probate court system and bankers who do not know the music business and did not know Prince” and they plan on “implementing things the way Prince did”.
A welcomed conclusion to a drawn-out ordeal.