Fight Over Prince’s $200M Estate Could Go On For Years

It’s been 35 months and 30 days since you’ve been away …

Sunday will mark the third anniversary of Prince’s death from an opioid overdose at the age of 57. And yet the “Purple Rain” singer’s estate remains as unsettled as it was the day he died in his Paisley Park mansion outside Minneapolis.

The songwriter’s estate, which includes master tapes of his recordings and a 10,000-square-foot Caribbean villa, has been estimated at $200 million. But it is unclear what it will be worth after it’s been picked apart by an army of bickering heirs, lawyers and consultants who are racking up bills.

Currently, the heirs are enmeshed in a battle to rein in the estate’s administrator, which has already blown through $45 million in administrative expenses, according to a probate-court petition filed by Prince’s designated heirs.

They have requested “a transition plan” for a new administrator, which is scheduled for the end of June, according to court documents.

The bickering has Mark Eghrari, a Long Island estate planning attorney who has written about Prince’s probate problems, predicting the “Cream” singer’s estate will remain in limbo for “a full decade.” The longest he has witnessed is “30 years and counting.”

“As it is, I’ve no doubt that lawyers, accountants and administrators will be the primary beneficiaries of Prince’s estate,” he said. “That’s a terrible shame.”

By contrast, probate in New York generally takes a year or two, whether or not the deceased left a will.

Prince had no will and his six heirs — all siblings — had to be chosen by a judge.

Indeed, efforts to bleed the estate dry began soon after Prince died in April 2016 — when more than 45 people stepped forward to claim they were his heirs.

Some presented themselves as a wife or a sibling, according to an AP report. One Colorado inmate claimed to be the artist’s son — until a DNA test proved otherwise.

The list of Prince’s heirs has since been narrowed down to his full sister, Tyka Nelson, and half siblings Norrine Nelson, Sharon Nelson, John Nelson, Alfred Jackson and Omarr Baker.

Until recently, the heirs had been bitterly split, but they came together this year in their effort to challenge Comerica, the court-appointed Dallas bank that became the estate’s administrator after a temporary nine-month stint in that capacity by St. Paul, Minn.-based Bremer Trust.

In a petition filed in February, the heirs claimed Comerica is $31 million behind on estate taxes that “continue to accumulate interest.”

They said they “do not agree with Comerica’s cashflow projections, accounting, or inventory of estate assets.” And they complained that Comerica was unresponsive to their concerns.

“The heirs are understandably frustrated that, three years after their brother’s death, the estate is not ready to be closed,” Comerica said in court filings.

But Comerica insisted it should not be fired.

“No one is better suited to effectively administer the estate than Comerica,” the company said, while insisting it is “making all necessary tax payments” required to settle the estate.

SOURCE