Prince's estate has finally reached a value that has been approved by all parties -- thus averting a court showdown. After spending nearly six years in limbo following the "Purple Rain" singer's untimely death, the Internal Revenue Service declared his estate is worth $156.4 million.
Minnesota's Star Tribune reports the settlement was years in the making, which estate administrator Comerica Bank and Trust called a "fair and reasonable" settlement.
Charles F. Spicer Jr., who represents Prince's heirs, confirmed the news Entertainment Weekly and said, "We're looking out for the best interest of fans [and to] ensure that Prince's legacy remains for generations to come."
The matter nearly went to trial after Comerica and the IRS provided conflating numbers about how much Prince's music and other abstract assets are worth. Comerica originally estimated the estate to be valued $82.3 million, but the IRS countered in a court filing that it was worth $163.2 million.
Prince's half-sister Sharon Nelson lambasted Comerica's "thousands of court filings" in 2019, saying they were amounting to "millions in legal fees." Nelson also stated to Billboard the infighting prevented the estate from distributing its assets to its beneficiaries.
Prince, who died in 2016, did not leave behind a will -- leading his five surviving siblings in charge of divvying up the singer's estate.
His sister, Tyka Nelson, previously agreed it would be divided between his eldest three siblings and the music and talent agency company Primary Wave, the latter of which has a majority stake after striking an agreement with the Grammy winner's youngest siblings to acquire their shares for an undisclosed amount.
Prince died in April 2016 after accidentally overdosing on Fentanyl, a powerful opiate, at his Paisley Park home in Minnesota. He was 57.
Copyright © 2022, ABC Audio. All rights reserved.