The Prince estate has reached a final valuation. Although the late singer didn’t have a will, Prince’s heirs — including three of his oldest surviving siblings — sought to bring closure to the lengthy court battle after his death in 2016. Last week, the Minneapolis Star Tribune reported that through an agreement between estate administrator Comerica Bank & Trust and the Internal Revenue Service, Prince’s estate is valued at $156.4 million.
In December, Billboard reported that Comerica and the IRS had made the agreement in November, but had yet to disclose the estate’s value. The $156.4 million valuation comes after Comerica’s $82.3 million appraisal and the IRS valued Prince’s estate at $163.2 million. In 2020, Comerica sued the IRS, noting that there were errors in the $163.2 million valuation, but Prince’s heirs sought a settlement to end the court process.
“It has been a long six years,” L. Londell McMillan, an attorney for three of Prince’s siblings, said at the final estate hearing last Friday at Carver County District Court.
The estate is expected to be passed to Prince’s three siblings or their families along with Primary Wave. In August 2021, Primary Wave bought the rights of Prince’s catalog from another three heirs, two who are now deceased.
While the redistribution of the estate’s value could begin next month, taxes will be lifted from Prince’s fortune. According to ABC News, a little over $5 million of Prince’s estate will be exempted from taxes under federal law. In Minnesota, the first $3 million is tax-exempt, but Prince’s estate will reportedly be taxed at 16%. Following the settlement, a tax trial set for March in St. Paul has been canceled.
Prince’s estate holders will receive income from streaming and sales royalties, along with his song placements in film, TV and advertising.
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