MINNEAPOLIS, Minn (CelebrityAccess) — In the two years since rock legend Prince died, his heirs are still waiting to collect on the late rocker’s estate, but the same cannot be said about lawyers, bankers, and consultants in the case, who have reaped a windfall of millions.
According to the Associated Press, court filings from several months after Prince’s death suggest that the estate might be worth as much as $200 million, but its executor, Comerica Bank & Trust is unable to apportion the money against Prince’s heirs until the bank settles on a final valuation with the IRS.
The IRS and the state of Minnesota are likely to collect approximately half of the estate in taxes, though the state can set up a payment plan over time, the Associated Press reported.
According to the AP, Comercia and its attorneys have already collected at least $5.9 million in fees and expenses from the estate.
“There is legitimate concern that at the end of the Estate’s administration there will be little if anything left to pass on to the Heirs,” attorneys for three of Prince’s heirs wrote in a court filing.
Prince’s heirs include Sharon Nelson, Norrine Nelson, John R. Nelson, Tyka Nelson, Omarr Baker and Alfred Jackson. The group has split over a number of issues, including moving Prince’s recordings from his Paisley Park studios to Los Angeles. Per the AP, Sharon Nelson, Norrine Nelson, and John R. Nelson opposed the move, while the other three, and Comerica Bank supported the move.e the contents of Prince’s recordings from his Paisley Park studios to Los Angeles.
However, the heirs came together last week to oppose an unspecified “entertainment transaction” that the family described as “an embarrassment to Prince’s legacy.” While public records have largely been redacted, the volume of the filings suggests it may be important and even a potential rights deal to replace the failed Universal Music Group agreement.
A hearing is scheduled for Wednesday, the Associated Press said.