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Six siblings or half-siblings of Prince, found dead at age 57
at his home in suburban Minneapolis on April 21, were listed as
heirs in court documents filed in Carver County District Court
in Chaska, Minnesota, where the hearing gets under way before
Judge Kevin Eide.
The exact value of Prince's estate has not yet been disclosed,
but his music catalog alone has been estimated at over $500
million.
Bremer Trust, National Association, a bank where Prince
conducted business for years, could play a key role as a special
administrator to safeguard his fortune. The bank was appointed
at the request of Prince's sister, Tyka Nelson, and Judge Eide
will hear any objections on Monday, Minnesota courts spokesman
Kyle Christopherson said.
Creditors and inheritors also can file claims against the
estate, he said. "We're not sure who's coming to sort of stake a
claim," Christopherson said.
Born Prince Rogers Nelson, Prince, whose hits included "Purple
Rain" and "When Doves Cry," was married and divorced twice. He
had no living children. Under Minnesota law, his assets are
likely to be split evenly among the siblings, tax attorney Steve
Hopkins said.
Hopkins said the bigger the estate, the greater the likelihood
there will be a dispute by claimants that could take years to
settle.
Prince's affairs seems destined for tax court, much like
superstar Michael Jackson's estate, which is in a high priced
skirmish with the Internal Revenue Service over the value of
Jackson's name and image, Forbes reported.
Prince owned royalties from his more than 30 albums, regained
ownership of his master recordings, and was said to have a cache
of unheard recordings, including an album cut with late jazz
trumpet great Miles Davis.
It could be weeks before results are released from an autopsy on
Prince, whose body was found in an elevator at his home and
studio complex called Paisley Park in a Minneapolis suburb. The
cause of death remains undetermined.
Prescription opioid medication was found on him, CNN and other
media reported, citing law enforcement sources.
Police have said they found no signs of suicide or obvious
trauma in Prince's death.
(Additional reporting by Barbara Goldberg in New York; Editing
by Cynthia Osterman)
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