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The six-year-long court battle regarding Prince’s estate finally came to a close, leaving two parties to split roughly $6 million in cash and more regarding the late musician’s $156 million estate.
Prince’s six half-siblings were named his legal heirs after he died in 2016 with no living children or spouse and no will in accordance to Minnesota law, according toBillboard. Tyka Nelson, Omarr Baker and Alfred Jackson sold their interests to Primary Wave in the years since, creating the half of Prince’s estate now owned under Prince OAT Holdings LLC.
Prince’s remaining three siblings who did not sell their interests now control the other half alongside their advisors, according toBillboard.
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Comerica is required to distribute any unspent funds at three different periods between now and Jan. 31, 2024, with future distribution also split 50/50 between Prince OAT Holdings LLC and Prince Legacy LLC, according to the court order.
Primary Wave toldBillboardin a statement Monday that it was “extremely pleased that the process of closing the Prince Estate has now been finalized.”
Primary Wave did not immediately respond to PEOPLE’s request for comment Tuesday.
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“I represented Prince for over 13 years and we led with innovation to reform the music industry – we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisley Park events, branded products and more,” McMillan toldBillboardin a statement. “It is a historical and very exciting time. Prince is almost free to rest now…”
Prince, whose full name was Prince Rogers Nelson,died of an opioid overdoseon April 21, 2016.
source: people.com
