Pop superstar PrinceHis death occurred six years ago. However, the estate has only recently been settled. The delay is due to the fact that no one could really agree on how exactly to split up all of the musician’s assets. It’s now been revealed that Prince was worth a whopping $156.4 million. Compare that to the estimated $156.4 million Prince was worth to his fellow superstars Michael JacksonThe estate of, which took several years to settle?
Disagreements Over How Much Prince’s Estate Was Actually Worth
Prince died in 2016 after a fentanyl overdose — leaving no will. His estate’s administrator, Comerica Bank & Trust, and the IRS have been duking it out over the estate’s value for the last six years. Comerica estimated the estate’s value at $82.3million, while the IRS said it was $163.2million. In 2020, Comerica actually sued the IRS in U.S. tax court, saying that the agency’s calculations were full of errors.
Due to the settlement, a March trial was cancelled. Comercia claimed that although the IRS settlement was finalized, it had not been implemented. “fair and reasonable,”It believes that it would. “prevailed”In the tax court case. The Star Tribune, “Comerica said it told Prince’s heirs that if lowering estate taxes was their ‘primary interest’ they should continue pressing the IRS and — if need be — go to trial.”
Who gets the money?
Now that both parties have reached an agreement on the prince’s worth, money can be distributed to Prince’s heirs. Those heirs include the artist’s siblings, though two of whom died in the six years it took to reach the settlement.
The estate will be almost evenly divided between New York music company Primary Wave and the three oldest of Prince’s six siblings or their families. Primary Wave bought out the interests of Prince’s three younger siblings; the remaining three refused the company’s offer.
How Does Prince’s Estate Compare To Michael Jackson’s?
It could have been worse, however complicated all of this may seem. Michael Jackson, the legendary musician, passed away in 2009. Seven years later, an administrator valued the asset at $7 million. The IRS saw it differently, and put the value at $1.1 million. They eventually settled on the name $482 million. The whole thing wasn’t settled until spring 2021 when a U.S. Tax Court judge ruled that the estate was actually worth $111 million.
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