The IRS believes Prince’s estate is worth $163.2 million and has accused administrators of undervaluing his assets by $80 million.
via Page Six:
The singer died in his Michigan home in April 2016. He was 57, and left no will.
Comerica Bank & Trust, which oversees the estate, has pegged its value at $82.3 million, but the IRS has said in federal tax court document’s the “Purple Rain” singer’s estate is so much larger, they’re owed another $32.4 million in taxes, according to the Star Tribune.
The dispute has led Comerica to ask the tax court for a trial, which could drag out the estate battle for years and generate legal fees to drain the estate even more.
Now the IRS knows they can leave this estate alone and worry about the assets of the living.