"Sheila E.'s only interest in the estate of Prince, is to provide support for his family, provide support to Paisley Park representatives, and provide support to court appointed officials in the handling of the estate," the statement read. "Sheila is concerned that the death of her longtime friend and collaborator will result in exploitation for profit by people who may have been seeking personal financial gain from him while living and may now see the opportunity to do so in his untimely death."
Prince's net worth is reportedly near $300 million. According to the Bloomberg News, his song catalog is worth $100 million alone, which explains why Sheila E. is so concerned about protecting Prince's music, both released and unreleased.
"[She] has promoted that the family or Paisley Park representatives have the final decision in regards to the usage of his name and likeness," the statement continued. "She feels strongly that tributes, concerts, or promotions should be authorized, and net revenues generated, be distributed in Prince's name to charities and causes which Prince has supported in the past."
"Sheila's involvement or interest thus far has only been in what is previously stated here," the statement concluded. "She has received no compensation nor will accept compensation, and has actually refused many 'offers of profit' for so called 'tributes' performances in his name."
Previously speaking with ET's Nischelle Turner about the estate in Chanhassen, Minnesota, last week, Sheila E. said, "All of that is being worked out with the family and lawyers and attorneys. It's gonna be [a] process."
Bremer Trust, National Association has been appointed by the court to oversee Prince's estate after his sister, Tyka Nelson, filed legal documents in Minnesota requesting the trust company to do so. As ET previously reported, potential beneficiaries of Prince's fortune, in addition to Nelson, include the "Purple Rain" singer's five other half-siblings: John Nelson, Norrine Nelson, Sharon Nelson, Omarr Baker and Alfred Jackson. Prince's deceased half-sister, Lorna Nelson, is also named as a possible heir in Nelson's petition on Tuesday, though she left behind no children. According to Minnesota state code, Prince's estate will be divided among his siblings, since he didn't leave behind a living spouse, children, parents, or grandparents.