A new court filing suggests that the estate of Princ could be worth around $200 million. The popular recording artist died in April, of an overdose, and he left no known will, so the superstar’s sister and his five half-siblings will be inheriting the estate, although taxes will take around half of it.
The estate is worth a huge amount, especially when you consider that David Bowie’s estate was, according to his will, worth around $100 million.
When officials went to put a price on the value of his unreleased music, the Paisley Park studio complex, and the other assets that make up his estate, the trust that was overseeing the proceedings said that the total value could be somewhere between $100 million and as much as $300 million. Attorneys are reluctant to put a figure on the value of the estate in public, but court filings have been released, and the Bremer Trust gave a figure of around $200 million to the courts.
The figure being reported mentions that the company’s fee (based on the value of the estate,) is $90,000 a month, or just over $1 million a year. This, if you work it out based on Bremer’s usual charges, is what gives the $200 million figure. The calculations have been reviewed, and agreed with, by two estate law experts that are not connected with the case.
It is possible that the value of the estate will change, because there are more appraisals due. It is entirely possible that Bremer Trust may be giving a lower value for the estate because of the tax bill. Laura Halferty, who is the lead attorney for the case, has not yet responded to media messages requesting her to comment on the memo. Other figures for Bremer’s fee and the value of the estate, from earlier case documents, have been redacted.
Estates for rock superstars tend to be worth a lot of money, and tend to bring in a lot – Michael Jackson’s estate, for example, collected $825 million. Whatever Prince’s estate ends up being worth, it is going to have to pay out a huge amount of it in tax. The estate could get an extension on having to file a tax return, and can pay 10 percent of the bill now, and spread out the rest of the payments over 10 years, but it’s still an expensive undertaking.