3 Years After Prince’s Death, Battle Over His Staggering $200 Million Estate Continues
Three years ago, the entertainment industry was left in shock after the news of Prince’s death broke. The renowned recording artist died after overdosing on opioids, leaving behind heartbroken fans and a vast estate. Three years since his passing, Prince’s family and fans are still mourning his sudden death.
However, his loved ones aren’t in an emotional turmoil just because of the immense loss, but also due to the legal battles over his $200 million real estate that has yet to be divided among his heirs. Here’s why Prince‘s family is still battling over his vast real estate.
It may have been over three years since Prince’s death, but the battle over his real estate, worth a staggering $200 million, has yet to see an end.
Since the singer didn’t leave behind a will, the court chose his six brothers as heirs to his massive estate which includes his large villa as well as the master tapes of his recordings.
Prince’s loved ones would’ve ended up inheriting his vast fortune, if not for the administrative fees and expenses they needed to pay first.
Prince’s heirs filed a probate-court petition to challenge the court-appointed administrator who oversees Prince’s estate. According to them, they’ve spent over $45 million in administrative expenses so far for Prince’s Paisley Park mansion in Minneapolis, which is almost one-fourth of the estate’s entire value.
Comerica, a bank in Dallas, has been the estate administrator of Prince’s properties after succeeding Bremer Trust. The petitioners filed their pleas last February stating Comerica is the one behind the $31 million interest and estate tax payments accumulated based on the unpaid balance.
Meanwhile, Comerica insisted in its court filings that the firm is qualified to continue as Prince’s estate court administrator.
However, they understand the heirs are frustrated since it’s been three years since Prince’s death and the estate isn’t ready to be claimed and closed yet.
The firm reiterated they’re just doing their job, though. They want to protect Prince’s properties and make sure that they got to the rightful heirs of his estates.
Comerica also revealed that the number of people claiming to be Prince’s heirs has surged following his death in April 2016.
Almost 45 self-proclaimed heirs petitioned for the artist’s vast estate, and since Prince left no will, the court has to decide the legitimacy of these claims before dividing the estate among the rightful heirs. So far, the judge has named the singer’s six siblings as the prime candidates to inherit Prince’s properties.
Despite these legal hurdles, Prince’s siblings say they hope to settle the dispute on the singer’s third death anniversary this year. They promise to continue fighting for the singer’s estate in order to protect it in his memory.
The siblings also claimed they went together on the singer’s grave as their family had a mini-reunion to commemorate his death. More than ever, they pray for the singer’s soul to be in eternal rest and peace.
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