Updated April 6, 2024 –
Per CelebrityNetWorth.com – In January 2021, the Internal Revenue Service claimed Prince’s estate was drastically undervalued and was actually worth closer to $163.2 million. The IRS served his estate with a notice of delinquency in June 2020 seeking an additional $32.4 million in federal taxes dating to the 2016 tax year plus an additional $6.4 million “accuracy related penalty”. Comerica and Prince’s estate requested a trial over the dispute.
In January 2022 the IRS and an administrator of Prince’s estate came to an agreement that Prince’s estate was worth $156.4 million.
The estate was to be divided evenly between his music company, Primay Wave, and three of his oldest family heirs. Unfortunately, two of his
(April 24, 2016) – Prince’s remains were cremated Saturday, publicist Yvette Noel-Schure told the Associated Press. Details of the “final storage” of the remains of the singer, who died Thursday at age 57, will remain private, she said.
The official cause of the singer’s death remains unknown. Autopsy results might not be revealed for at least four weeks, the AP reported.
Music icon Prince, who died Thursday at age 57 in Minnesota, left behind more than a legacy — he left behind an estimated $300 million estate with no obvious heirs. Prince not only had profits from shows and songs but also ownership of his record studio, unreleased music and an internationally recognized brand that could keep earning money for years, the Los Angeles Times reported.
“There’s tremendous value there,” estate planner Martin Neumann told the Times. “For someone like Prince who’s been around for so long, obviously the value of his catalog will increase after his death, significantly more so than for other people.”
It’s not clear whether Prince, whose cause of death was still unknown Saturday, had a will. If not, Minnesota law dictates that a spouse or kids would normally receive control of the estate. But Prince was divorced and had no living children. His parents are also deceased, though he does have a sister, Tyka Nelson.
No matter whom it goes to, Prince’s fortune is likely to keep growing.
Entertainment Tonight (ET) EXCLUSIVE: Inside Prince’s Paisley Park Estate: ‘It’s a Museum’
[vc_btn title=”More on Prince’s Estate and a look inside Paisley Park” style=”outline” color=”primary” size=”lg” align=”left” link=”url:http%3A%2F%2Fwww.ibtimes.com%2Fprinces-money-update-net-worth-estate-expected-grow-after-singers-death-2358481|title:More%20on%20Prince’s%20Estate%20and%20a%20look%20inside%20Paisley%20Park|target:%20_blank”][vc_message message_box_style=”3d” message_box_color=”turquoise”]By JULIA GLUM, International Business Times, SouthFloridaReporter.com, April 24, 2016EXCLUSIVE Video inside Paisley Park from Entertainment Tonight via YouTube[/vc_message]
