Music

Prince’s Sister Claims Icon’s Estate Will Be Bankrupt “By The End of The Year”

Source: V Magazine

Sharon Nelson accuses Comerica Bank of grossly mismanaging the late icon’s estate.

Tensions between the heirs to Prince‘s estate and its administrators have hit a new high.

According to Billboard, Sharon Nelson (Prince’s half-sister and one of six inheritors of his estate,) is deeply displeased with Comerica Bank & Trust, the court-appointed bank overseeing its current management. Nelson claims the bank is bleeding her brother’s assets dry, predicting the estate to be effectively bankrupt “by the end of the year.”

READ:  Prince’s Estate to Reissue Three Physical Titles for 2019 Catalogue Project

She adds that each sibling wracked up millions in legal fees to file thousands of motions, affidavits, memos, depositions, and schedules, that would limit Comerica’s powers over the estate. More recently, they’ve resorted to writing court documents themselves, as their attorneys withdrew from representation and took out liens on their client’s claims.

READ: A New Prince Album Consisting of Unreleased Demos is Coming Out This Summer

“We paid all his bills and we had money left, but Comerica is spending it recklessly and frivolously on projects that they think are important,” charges Nelson. She and her siblings have yet to receive anything in the asset distribution, save for a contractually mandated $100,000 payment. The bank claims the estate must first settle an outstanding $31 million tax bill with the IRS before it can divvy up any assets.

Nelson contends that fulfilling the bill should have been an easy and immediate solve. At the time of his death, Prince’s estate was valued between $100 and $300 million with $97 million in cash and as much as $40 million in real estate holdings. On May 20th, the heirs head back to court for a hearing on permanently restricting Comerica’s powers over the estate.

 

 

 

zo

Zo is a staff writer at Okayplayer where he covers music.

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