AceShowbiz - Prince's surviving relatives will only split less than $6 million of his $156.4 million estate. The "Purple Rain" singer, who died from an accidental overdose in April 2016 at the age of 57, did not leave a will, but his remaining beneficiaries have finally reached an agreement about distribution of his assets.
According to court documents obtained by The Blast, "Excepting the Reserve and following the payments set forth in Paragraph 8, herein, the property of the Decedent on hand for distribution consists of the following: $5,638,878.29 in cash." The money will be split between Prince's three oldest siblings and music company Primary Wave, who bought part of the star's estate from the "Raspberry Beret" hitmaker's sister Tyka Nelson and brothers Alfred Jackson and Omarr Baker.
Alfred and another sibling, John R. Nelson, passed away during the legal battle and their families will not receive any of the final distribution.
In addition, Comerica Bank, which has overseen both the administration of Prince's estate and the legal battle over it, will retain a $3 million reserve in a pre-emptive measure to battle any legal issues in connection to the estate that have not yet been completed.
The documents said, "Comerica shall retain a total of $3 million as a reserve to ensure it can pay the costs and expenses associated with closing the Estate, including the preparation of tax returns, professional fees, expenses, and any awards entered in pending litigation involving the Estate, expenses previously incurred by the Estate for which it has not received invoices, and any other necessary expenses."
A spokesperson for Primary Wave said the company are "extremely pleased that the process of closing the Prince Estate has now been finalized." They added in a statement to Billboard, "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."
Advisors L. Londell McMillan and Charles Spicer, who control an undisclosed stake in the estate and are partnered with Prince's three heirs who declined to sell their share, are "relieved and thrilled" the long-running dispute is over. McMillan said, "[My partners and I are] relieved and thrilled to finally be done with the Probate Court system and bankers who do not know the music business and did not know Prince. [We look forward to] implementing things the way Prince did."
"I represented Prince for over 13 years and we led with innovation to reform the music industry – we hope to do the same with his amazing assets and catalogue, from his music, film content, exhibits, merchandise, Paisley Park events, branded products and more," he continued. "It is a historical and very exciting time. Prince is almost free to rest now..."