Prince's $156 Million Estate Settled in Court 6 Years Later
A judge in Minnesota has ruled exactly how Prince's $156 million estate will be dispersed and who is set to receive it, bringing an end to a six-year court battle.
According to legal documents, obtained by ET, Judge Kevin W. Eide in the First Judicial District of Minnesota ruled on Monday that the late singer's assets be dispersed between Prince's half-siblings (Sharon Nelson, John Nelson and Norrine Nelson) and their families, their advisers and the music publishing company Primary Wave.
Prince's cash -- totaling $6 million -- and various holding companies have also been split evenly between a holding company called Prince Legacy LLC (which consists of interests previously held by the Nelsons) and Prince Oat Holdings LLC (which consists of interests previously held by Prince's three other half-siblings (Tyka Nelson, Omarr Baker, Alfred Jackson and Primary Wave).
According to the legal, documents Comerica Bank & Trust (the court-appointed administrator that handled the estate's affairs while the probate case was litigated) will get $3 million "as a reserve to ensure it can pay the costs and expenses associated with closing the Estate, including the preparation of tax returns, professional fees" and any other court expenses.
Comerica Bank & Trust has also been "discharged from any and all duties and liability related to the Estate of Prince Rogers Nelson associated with Comerica's service as personal representative of the Estate through the end of the Transition Period."
Prince, who died in April 2016, did not leave a will behind and he had no children or spouse. As such, his six half-siblings were named heirs to the estate, Billboard reported.
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