The Internal Revenue Service and the administrator of Prince’s estate have finally come to an agreement that his estate is valued at $156.4 million.
The Internal Revenue Service and the estate’s administrator, Comerica Bank and Trust, have agreed to a value of $156.4 million, a figure that the heirs to the estate have also accepted, according to Minnesota’s Star Tribune.
The final valuation exceeds the $82.3 million valuation initially submitted by Comerica. The IRS determined earlier this year that executors of the pop icon’s estate undervalued it by 50 percent, estimating $163.2 million instead in court filings.
Prince died in April 2016 of an accidental fentanyl overdose at his Paisley Park home in Minnesota at age 57. He did not have a will, leaving his sister Tyka Nelson and five other half-siblings claims over his estate.
The estate will be divided between three of Prince’s oldest siblings and Primary Wave, an independent music publishing and talent management company that purchased the interests of the music icon’s younger siblings.
Charles F. Spicer Jr., an attorney who represents the remaining heirs of the estate, confirmed the valuation to EW, adding that the family is thrilled that the extensive legal battle has reached a conclusion.
“We’re looking out for the best interest of fans [and] ensure that Prince’s legacy remains for generations to come,” Spicer said. EW has reached out to the IRS and Comerica Bank and Trust for comment.
The IRS and Comerica settled on the real-estate portion of Prince’s estate last spring, but still had to contend with trickier valuations of more abstract assets, including rights to Prince’s music. Comerica initially requested a trial over the valuation issues, but called the $156.4 million settlement “fair and reasonable” on Friday.
Had Comerica and the IRS gone to trial, the settlement decision would have been prolonged, resulting in more legal fees for the estate; Sharon Nelson, one of Prince’s half-siblings, previously lambasted Comerica over their “thousands of court filings” that cost the estate “millions in legal fees” while speaking to Billboard in 2019.
Just last year, Prince’s estate released the artist’s first full-length posthumous project made up of new material, Welcome 2 America. The project was Paisley Park studio in 2010, but still managed to touch on timely issues, with its 12 tracks being available on all major streaming platforms.