NEWSIRS & Comerica Bank Reach Agreement On The Worth Of Prince's Estate Nearly 6 Years After Singer's Death
The IRS and estate administrator have finally reached an agreement on what Prince's luxurious property and associated assets are worth.
Nearly 6 years after the "Purple Rain" singer's death, all necessary parties — including his family and Comerica Bank and Trust — have decided that his estate is worth a whopping $156.4M, according to Star Tribune.
This is almost twice as much as the initial estimate of $83.2M given by Comerica.
The Artist Formerly Known As Prince's assets will be divided between three of his oldest siblings and the indie music publishing company, Primary Wave, who previously bought out the interests of his youngest siblings.
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"We're looking out for the best interest of fans [and] ensure that Prince's legacy remains for generations to come," Charles F. Spicer Jr. — the appointed advisor for Prince's remaining heirs — confirmed to EW, noting the pop icon's family is "thrilled" the proceedings are finally over after so many years of legal disagreements.
A caveat of the agreement between Comerica and the Internal Revenue Service included the IRS dropping the previously requested $6.4M accuracy penalty.
Once the remaining taxes have been paid, the estate can be divided amongst the applicable parties.
The "When Doves Cry" artist — who had a private history of extensive drug use — died at his home on April 21, 2016, following an accidental fentanyl overdose. It was later discovered the fentanyl was in the form of counterfeit pills that were disguised as the popular painkiller hydrocodone.
"Talk about one of the most private people in the entertainment industry, that was Prince," Variety's Marc Malkin said of the famed singer. "So no one outside of his most inner circle knew anything that was going on and that's why I think that's why it was such a shock when he died and his house was full of pills, full of opioids: muscle relaxers, pain killers, tranquilizers."
Prince did not have a will at the time of his death.
