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A Minnesota judge denied a request by Prince’s heirs to limit Comerica Bank & Trust powers over the administration of Prince’s estate. USA Today reports Prince’s estate, believed to be worth hundreds of millions, is “still unsettled, still not officially valued and still not disbursed to the heirs, his six sibling.” Prince’s heirs, Tyka Nelson, his full sister, and his half-siblings, Norrine Nelson, Sharon Nelson, John Nelson, Alfred Jackson and Omarr Baker, accuse administrators of having spent $45 million on probate-related administrative expenses, including $10 million in legal fees. The heirs also claim the estate still owes $31 million in unpaid taxes that’s still gaining interest. The judge said while he understands that the heirs want to reduce expenses, their motions have the risk of “significantly increasing Estate expenses.” He said reducing Comerica’s power would “create a vacuum of uncertainty” and “may result in the loss of entertainment deal opportunities, which are necessary to raise needed funds to pay estate taxes and lead to the distribution of funds to the Heirs.” Comerica agreed to reduce its monthly compensation from $125,000 to $110,00 (not including expenses).
Source: USA Today
-Tony Scott (@tonyscottmedia)
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