Six years since the superstar musicians death, the court battles over Prince‘s estate have finally been settled.
Having passed away in April of 2016 at the age of 57 due to a fentanyl overdose, without leaving his surviving family a proper will, the death of the musician born (Prince Rogers Nelson) initiated the probate process by which the courts decide how to best distribute a deceased person’s estate.
Prince’s six half-siblings were made his legal heirs with three of them selling their stakes to Primary Wave, that now owns approximately fifty-percent of the star’s estate. However, the three remaining heirs have been in court grappling with Primary Wave for several years, with proceedings between both parties and two advisors attempting to decide how best to divvy up the $156 million estate.
At the Friday (7.29) legal hearing in Minnesota, a new agreement outlined the holdings be split into two equal companies – Prince Legacy LLC (for the heirs and advisers) and Prince Oat Holdings LLC (for Primary Wave.) And on Monday (8.01) the judge signed off on the deal.
In a statement about the deal a representative for Primary Wave representative said that the company is “extremely pleased that the process of closing the Prince Estate has now been finalized”. “Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management… With the distribution of estate assets, we look forward to a strong and productive working relationship.”
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Author: Saul Goode
Photo: Scott Penner