Late pop singer Prince’s estate valued at $156.4m
Primary Wave and heirs settle case with US tax agency
Late pop singer Prince's entire estate has been valued at $156.4m (£114m), twice the original appraisal, after a long legal battle faced by his heirs.
The value also accounts for his catalogue of songs. The publishing company Primary Wave bought the rights to the Prince catalogue from his heirs in August 2021. Thus making Primary Wave alongside Prince's three siblings the recipients of his entire estate value, after he died in 2016 without a will.
Comerica Bank, the estate's administrator, agreed on the figure with the Internal Revenue Service (IRS) and the heirs to Prince's estate, reports The Guardian.
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Comerica Bank had submitted an $82.3m figure previously. But the IRS and the US tax agency presented a value double the amount and said the estate stood at a value of $163.2m, potentially to claim more tax.
In 2020, Comerica sued IRS with allegations of erroneous valuation and demanded to go into trial. But the heirs demanded a settlement instead.
The process is underway to distribute the estate value among Primary Wave and the heirs, who will now accumulate the total revenue.
