Prince's $156 Million Estate Battle Ends, Publisher & Siblings Will Split Evenly
Prince's Estate's 6-Year-Battle Ends After Even Split Between Publisher And His Siblings
Prince's estate finally finds a resolution to the battle for the estimated $156 million dollar estate.
On Monday (August 1), the Minnesota First Judicial District issued an order that splits the cash in Prince's estate evenly between Prince Legacy LLC and Prince Oat Holdings LLC.
Prince Legacy LLC consists of interests previously held by Prince's three half-siblings - Sharon Nelson, John Nelson and Norrine Nelson, in addition to advisors L. Londell McMillan and Charles Spicer. Prince Oat Holdings LLC is owned by music publishing company Primary Wave, and consists of interests previously held by Tyka Nelson, Omarr Baker and Alfred Jackson, as well as three separate entities owned by Primary Wave.
Prince's six half-siblings were named legal heirs to the estate after his 2016 death, due to him leaving no will, living children or spouse, in according to Minnesota law. In the last few years, Tyka Nelson, Omarr Baker and Alfred Jackson sold their interests to publisher Primary Wave, creating the half of Prince's estate now owned under Prince Oat Holdings LLC.
Prince's three siblings who did not sell their interests now control the other half of the estate with their advisors.
The decision also reads that the bank assigned by the court to handle the estate's affairs while the battle went on, Comerica Bank & Trust, will retain $3 million in reserve funds to pay "the costs and expenses associated with closing the Estate."
Publisher Primary Wave released a statement, saying in part:
"Prince was an iconic superstar and this transfer out of the court's jurisdiction puts in place professional, skilled management. When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince's incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship."
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