It looks like the legal issues over the Prince estate will soon be completely settled.
The IRS and the estate’s administrator, Comerica Bank & Trust, have agreed to value the estate at $156.4-million, as reported by the Minneapolis Star Tribune. The bank had previously appraised the estate at $82.3-million, and the IRS had valued it at $163.2-million.
Prince died of a fentanyl overdose in 2016, and did not leave a will. That led to a legal battle between six heirs of the late superstar’s estate. The estate will be divided between Primary Wave, which purchased the shares of the three youngest heirs, and the three oldest heirs (or their families.)
The taxes will run in the millions for both parties, despite $5-million being exempted under federal tax code.
[Source: Classic Hits Today]