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Music

Prince’s estate valued at $156.4million

The artist nominally known as Prince died in 2016, but his popularity has endured over the years. Indeed, the estate of the pop star has been valued at US$156.4million (£114.3m). Having come to a satisfactory agreement, Comerica Bank & Trust and the Internal Revenue Service have agreed to start distributing the assets.

“It has been a long six years,” said L. Londell McMillan, an attorney who currently represents three of Prince’s siblings. Prince died of a fentanyl overdose and did not leave a will in his wake. Naturally, his siblings have expressed an interest in his estate, although two of them – Alfred Jackson and John R. Nelson – have died since 2016. Two more are in their 80s.

Taxes will remain an issue for the estate. Approximately, $5million of his estate will be exempted from taxes. From that point on, the tax rate is projected to go up as far as 40%. And yet the state proves far grander than the appraisal Comerica set in 2020 of $82.3 million. As per the final valuation, the estate will be divided between Primary Wave, a New York music company, and members of the immediate family.

According to StarTribune, three of the older siblings transferred an undisclosed portion of their personal stake to McMillan and Charles Spicer. McMillan worked with Prince for several years as an entertainment lawyer, while Spicer is a record producer who describes himself as Prince’s “legacy protector”.

McMillan represented Michael Jackson in the years before his death. Concerned by some of the remarks producer Quincy Jones made about his late client, McMillan wrote: “I do not think what Quincy Jones said or how he handled it was right. However, I will try to meet and speak with him directly and not publicly ‘blast’ or ‘diss’ him. We have to be better than that”.

McMillan was also namechecked in Jay Z’s ‘Caught Their Eyes’, an excoriating number that included lines like “Now, Londell McMillan, he must be colour blind; They only see green from them purple eyes.” This tune can be heard on Jay-Z’s 13th album, 4:44, which was released in 2017.