The fight over who gets what from superstar Prince’s estate started on Tuesday. And let’s face it, just like after every legend celebrity’s death, this was bound to happen. Tyka Nelson, Prince’s only remaining full sibling, filed an emergency motion to the Carver County District Court in order to have a special administrator appointed for his asset’s protection.
The value of Prince’s full estate and assets is still unknown, and Tyka says that there is no known will by the deceased star. Lawyers that have handled other famous estates have said that it may take many years before a set value can be given. As important as it is to figure out just how much Prince was worth, this is by no means an easy deed; he dealt with numerous accountants, lawyers, and managers throughout his life that it could get really difficult to accumulate information from every one of them. Not to mention that his estate is split between physical assets, from lands to equipment, and intellectual assets, like lyrics and songs as well as trademarks for his brand and image. Add to that the unknown value of hundreds of unreleased records that Prince had locked up in a vault in his Paisley Park estate. Furthermore, while the copyright for many songs may expire within the next 50 years, the royalties to be collected from Prince’s trademarks could continue indefinitely. Also, Prince is one of the extremely rare cases of musicians that hold the copyright for their own music.
If experts were to give a random guess to start with, Prince’s estate would be worth well over $ 100 million if assessed correctly. Moreover, if he had thought ahead and planned the future of his assets by putting them in a private trust, this would ensure his privacy and the estate’s value remains private after his death, away from public knowledge. However, if Prince left no trust or will, as his sister claims, the state will distribute his assets among his siblings; this includes Tyka, his only full sister, six half-siblings, and one deceased half-sister. Also, the state treats half-siblings and full siblings equally when distributing.
According to expert lawyers, the issue of evaluating then distributing could take very long. After all, the more money his estate is valued at, the more dispute this will cause over its distribution, the more years that would take to end the dispute. As for now, Prince’s estate must file for tax returns within 9 months of his death, which is 40% of estates valued over $5.43 million. However, finding the liquefied equivalent of this tax amount in time to pay might seem challenging.