Prince’s fortune up in air after no will found
Prince died without a will, according to court papers filed by his sister, causing big complications for that star’s sprawling financial estate and musical legacy.
Prince died without a will, according to court documents filed by his sister on Tuesday, potentially causing big complications for that star’s sprawling financial estate and musical legacy.
In probate documents filed with the Carver County District Court in Minnesota, Tyka Nelson, 55, Prince’s sister, said that her brother died without a spouse, children or surviving parents, and that “I do not know of the existence of a will.”
Nelson’s petition also listed five half-siblings as heirs, and asked the court to appoint a special administrator for the estate “because no personal representative has been appointed in Minnesota or elsewhere.” Minnesota law treats surviving halfsiblings the same as full siblings, raising the possibility of a drawn-out family battle.
In the music business, Prince — who died on Thursday at 57 — was known as a mercurial star who cycled through lawyers and representatives frequently, and who often preferred to deal personally with record companies, concert promoters and even digital music services. But that history of self-sufficiency could have severe consequences if Prince did not leave an orderly estate — a strong possibility if no will turns up, several music-industry lawyers and executives said.
“It could be a huge tragedy,” said Howard E. King, a veteran entertainment lawyer in Los Angeles who represented Prince in the past. “You could have a difference in valuation of hundreds of millions of dollars depending on whether the right people get in there to manage the legacy of Prince.”
The probate court has not identified an executor, and estimates of Prince’s net worth and of the value of his estate have varied widely. Forbes magazine last estimated his earnings in 2005, when it said that he made $49.7 million before taxes that year.
But Prince’s worth could be much greater now, particularly since two years ago he took control of his valuable publishing catalog — the copyrights for songwriting — and negotiated a favorable new deal with Warner Bros., his former record company.
Beyond his music, Prince, who was born Prince Rogers Nelson, owned extensive property in the Minneapolis area. Its value is unclear, but Paisley Park, his studio complex in the suburb of Chanhassen, Minn., has been assessed at more than $7 million, according to Carver County public records.
Since Prince’s death, music industry executives — including even those he dealt with closely — have been anxiously awaiting word about who controlled the estate, which includes Prince’s “vault” of unreleased recordings. This voluminous collection has long been legendary among fans and collectors, and Prince stoked that interest. “I didn’t always give the record companies the best song,” he once told Rolling Stone.
In addition to Tyka Nelson, the document lists as heirs three half-brothers, John Nelson, Alfred Jackson and Omar Baker; and two half-sisters, Norrine and Sharon Nelson.
An autopsy was performed on Prince, but its results are not expected for several weeks.