After a six-year legal battle, Prince’s estate has finally been settled. The late singer did not leave a will for his $156 Million dollar estate, and his six half-siblings were identified as his legal heirs when he passed away in 2016. The Minnesota First Judicial District has now mandated that the assets in Prince’s estate be divided equally between Prince Legacy LLC and Prince OAT Holdings LLC, according to a copy of court records obtained by CNN.
The share from three of Prince’s half-siblings, Sharon Nelson, John Nelson, and Norrine Nelson will be held and managed by Prince Legacy LLC which is owned by the three siblings, Prince’s longtime adviser L Londell McMillan, and Charles Spicer. Meanwhile, Tyka Nelson, Omarr Baker, and Alfred Jackson sold their shares to Prince Oat Holdings LLC, a company effectively controlled by the music publishing business Primary Wave.
The bank designated by the court to manage the estate’s affairs throughout litigation is also stated in the filings. To cover the costs and expenditures related to liquidating the estate, “including the preparation of tax returns, professional fees, expenses and any awards entered in any litigation involving the Estate,” Comerica Bank & Trust will get $3 million. Prince Oat Holdings LLC and Prince Legacy LLC will share equally all that remains of the estate. The exact tax bill on the estate is unclear, but the StarTribune reported an estimate on how it will be calculated. For the federal estate tax, around $5 million of the estate will be exempted, and the rest will be taxed at 40 percent. For the Minnesota estate tax, $3 million will be exempted and the rest will be taxed at 16 percent. On top of these, the IRS has also billed a separate $6.4 million “accuracy-related penalty,” and the Minnesota state has also billed a similar penalty with an undisclosed amount.