Prince's older sister levels accusations of estate mismanagement

Prince's sister accuses the bank overseeing the finances of his estate with mismanagement.

Sharon Nelson tells Billboard that her half-brother "is not resting in peace" while Comerica Bank collects $125,000 a month -- without any money or assets distributed to Prince's beneficiaries. She also accuses the bank of padding its expenses -- such as paying $90,000 a month to store the late artist's recordings in L.A.

Not surprisingly, Comerica counters the charges by blaming another party -- the Internal Revenue Service. The bank says nothing can be distributed to the heirs until a $30 million tax bill is settled. Comerica says it has followed all ethical requirements -- and that all its fees have been court-approved.

A retired payments administrator, Nelson, who is 79, says that if changes aren't made, the estate will be bankrupt by the end of this year.

When Prince died three years ago this month, he left no will, thus forcing Minnesota officials to appoint an administrator -- Comerica -- to oversee his assets.

 
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