By Newser Editors and Wire Services
Posted Apr 15, 2018 4:30 PM CDT
(NEWSER) – As the second anniversary of Prince’s death approaches, his heirs have yet to collect a dollar of his estimated $200 million estate. Per the AP, bankers, lawyers, and consultants have earned millions from it. The long saga to settle the estate provides a cautionary tale about dying without a will, as Prince did when he died of an accidental opioid overdose at his suburban Minneapolis studio on April 21, 2016, and the heirs can’t quit squabbling. Here’s a look at where things stand: Even though it’s been nearly two years since Prince died, the executor of the estate, Comerica Bank and Trust, can’t split the money among Prince’s six surviving siblings until the Internal Revenue Service and executor agree on the estate’s value when Prince died.
It’s not clear when that might happen. The IRS and state of Minnesota are entitled to collect about half, though the estate can stretch out the payments over time. Court filings several months after Prince’s death suggested that it was worth around $200 million before taxes. The actual value remains one of the biggest secrets in the case, hidden in sealed and redacted documents. The actual valuation could have gone up or down since then. That’s because the various attorneys, accountants, and industry experts at that point had not yet finished appraisals and deals for the use of his music, videos, and assets including his Paisley Park studio. Attorneys for the heirs did not return calls for the AP’s story or declined to comment.