PRINCE HEIRS GO BROKE CHASING $200M ESTATE!
SINGER’S SIBLINGS CRUSHED BY LEGAL COSTS
PRINCE’S $200 million estate is tied up in court — with three heirs claiming they’ve yet to receive a cent, while the estate’s administrators have paid out a staggering $20 million in fees!
The nasty legal battle has been raging since the “Purple Rain” star died at age 57 in April 2016 without leaving a will. A court-appointed administrator, Comerica Bank, determined the estate should be split between Prince’s surviving sister, Tyka, and five half-siblings — Sharon Nelson, Norrine Nelson, John Nelson, Omarr Baker and Alfred Jackson, who passed away last year. Sharon, Norrine and John have filed legal documents
claiming advisers, attorneys and others approved by the court have pocketed $20 million doled out by the estate’s administrators.
At the same time, they’ve struggled to come up with the cash to cover their legal representation, they said. According to court papers, the three have relied “solely on their pension, Social Security, personal savings and loans from friends to cover the costs needed to support the Prince estate.” The siblings claim they’ve devoted many hours to organizing the estate and believe they should be compensated.
The three asked for “the minimal amount of $20,000 per month for each heir for their services or such amount approved by the court.” A judge has yet to issue a ruling on their request.
They have also accused Comerica of mismanaging the estate and attempting to leave them out of important decisions.
The bank denied their claims and said it can’t pay the heirs until they settle with the IRS, which claims the estate is undervalued.
A fresh round of legal sparring erupted after Tyka said she intends to sell a portion of her estate share to cover outstanding legal fees. Prince’s heirs will receive the rights to his music, which includes a “vault” of never-released material, plus the rights to use the singer’s image and songs in commercials and movies. The heirs will also oversee his Paisley Park residence in Minneapolis, which has become a permanent attraction dedicated to the star.
A source close to the estate battle said: “The fans are the ones losing out the most here. Prince amassed an incredible body of unreleased work, which is all in his vault. It needs to be sifted through and curated.
“Sadly, the longer it takes to settle the estate, the more Prince’s image fades in popular culture. Hopefully for music fans everywhere, it will be settled soon.” Prince’s estate and Comerica Bank did not respond to a request for comment.