Prince's Massive Fortune -- 4 Big Questions Answered
By Raphael Chestang
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In the wake of Prince's death last week at the age of 57, there remains the looming issue of what will happen to the music icon's estate. Now, ET is looking into how much is at stake and who it could go to.
1. How much is Prince worth?
Prince's net worth is reportedly near $300 million, with his song catalog alone being worth $100 million, according to Bloomberg News. This number does not including the money Prince's estate is bound to make in the coming weeks from merchandise and music sold following his death or the deal he had signed with Tidal for the exclusive streaming rights to his songs.
According to Nielsen Music, there was a 42,000 percent increase in digital and physical album sales in the three days after Prince's death. Nielsen reportedly tracked 579,000 album sales on Thursday, Friday and Saturday compared to the 1,400 albums that were reportedly sold in the three days prior. The most popular songs are reportedly "Purple Rain" followed by "When Doves Cry," "Little Red Corvette" and "Let's Go Crazy."
3. Did he have money woes?
ET has unearthed documents that show Prince had liens spanning years against various properties owned by the music legend. Most notably, he was subjected to a lien against his Paisley Park property in Chanhassen, Minnesota, in 2013 for alleged federal back taxes owed from 2011. Prince was slapped with a similar federal tax lien for Paisley Park in 2013 for taxes allegedly owed from 2009 and 2010. It's unclear how the liens were resolved.
Whether Prince had a will or not has not yet been made known. If he didn't have a will, Minnesota law states that his next of kin, sister Tyka Nelson, could inherit the fortune. According to Prince's longtime collaborator, Sheila E., it will be "a process."
"All of that is being worked out with the family and lawyers and attorneys," she told ET.
Prince was pronounced dead on Thursday after being found unresponsive at his Paisley Park estate in Chanhassen, Minnesota.
A source very close to the situation told ET that Prince was battling the flu, which turned into walking pneumonia. The "Purple Rain" singer was also dealing with a hip injury and had a problem with Percocet, according to the source. We are told his issue with the powerful narcotic began years ago, shortly after he underwent hip replacement surgery in 2010.