Music superstar Prince died more than three years ago, but the battle over his estate is still raning, and according to observers, it may go on for years to come.
Prince, who did not leave a will, left behind an estate estimated to be worth $100 million. His heirs, lawyers, and consultants are fighting for control. More than 45 people have claimed to be heirs of his estate. A judge selected Prince’s siblings — Tyka Nelson, Norrine Nelson, Sharon Nelson, John Nelson, Alfred Jackson, and Omarr Baker —to be the heirs to the estate.
But the siblings each want to serve estate administrator for the entertainer’s master tapes of his music as well as his Caribbean villa. If the fight continues, there may not be much money to fight over.
“Unfortunately, due to administrative expenses, $45 million has already been spent, a probate-court petition filed by his siblings reveals,” The Grio reported. So now the heirs are asking for a transition plan for a new administrator, which will take place in June.
Attorney Mark Eghrari, who has written about Prince’s probate problems, doesn’t see an immediate end to the battle. “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.”
In another issue over the estate, the siblings have come together to challenge Dallas-based bank Comerica, which the court appointed to be the estate’s administrator.
The siblings claim that the bank was behind on $31 million worth of taxes and have concerns over how the bank is handling the estate.
“The heirs are understandably frustrated that, three years after their brother’s death, the estate is not ready to be closed,” Comerica said, according to court documents.
Written by Ann Brown
Source: moguldom.com
