Prince’s Estate Valued at $156.4 Million
Prince’s estate has officially received valuation. According to the Minneapolis Star Tribune, the icon’s estate is valued at $156.4 million. Previously, the estate was appraised at $82.3 million by Comerica Bank & Trust. The IRS offered a value of $163.2 million.
The number was agreed upon by Comerica and the IRS and received a stamp of approval by Prince’s heirs. The wealth distribution can begin this coming February.
At a hearing Friday in Carver County District Court, L. Londell McMillan, an attorney for three of Prince’s siblings, said, “It’s been a long six years.”
Prince passed away in April 2016 without a will. Two of Prince’s sibling heirs have passed away during the time the estate valuation took place. Two more are in their 80s. The fortune will be split almost evenly between Primary Wave, a well-funded New York music corporation, and the three oldest of the music legend’s six heirs or their families.
The real-estate element of Prince’s inheritance was handled last spring by the IRS and Comerica. However, it took until October to finish the more difficult work of evaluating intangible assets such as the rights to Prince’s music.
The full breakdown of the agreed value and distribution can be read here.