Skip to main content

Battle Over Prince's $156 Million Estate Comes To An End After Six Years

 

The battle over Prince’s $156 million estate has finally come to an end six years after the music legend’s death.


A Minnesota state judge on Monday split cash, music rights and other assets belonging to the late icon evenly between two holding companies ― Prince Legacy LLC, controlled by a group of three half-siblings and their advisers, and Prince Oat Holdings LLC, controlled by three other half-siblings and the music publishing company Primary Wave.


Prince, who died of a fentanyl overdose in 2016, hadn’t written a will and his half-siblings were named legal heirs due to his lack of kids and a spouse, according to Billboard.


L. Londell McMillan, one of two advisers who control an “undisclosed stake” in the estate and are partnered with Prince Legacy LLC, suggested the settlement will open the door to a wave of Prince-branded enterprise, including at his famed Paisley Park home outside of Minneapolis.

“I represented Prince for over 13 years and we led with innovation to reform the music industry — we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisly Park [sic] events, branded products and more,” McMillan told Billboard in an email. “It is a historical and very exciting time. Prince is almost free to rest now.”

Prince famously maintained tight control over his music and image during his lifetime.


Primary Wave said in a statement to Billboard the company was “extremely pleased” that the estate’s closure “has now been finalized.”


“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” a representative for the publisher said.


“When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince’s incomparable legacy,” Primary Wave said. “With the distribution of estate assets, we look forward to a strong and productive working relationship.”

Comments

Post a Comment

Popular posts from this blog

Hurricane Hits Texas, One Person Reported Dead

Hurricane Harvey hit Texas as a Category 4 storm on Friday, battering the coast with 130-mph winds and torrential rain. It was the strongest hurricane to hit the United States in more than a decade leaving a massive destruction, loss of electricity, wrecked buildings and has so far killed at least one person. Scroll down to see more pictures of the incident:
Post a Comment
Read more

Kenyan Law Court dismisses case of man seeking compensation after his wife eloped with another man from hospital

  A lawsuit filed by a man seeking to be compensated by St Mary's Mission Hospital in Kenya for allowing his wife to leave the hospital with another man after giving birth, has been struck out by a law court.    The appellant had sued the St. Mary's Mission hospital at Kakamega law courts in 2020 seeking general damages from the facility on grounds that the hospital had discharged his wife and allowed her to leave with another man. After delivering and at the time of discharge, the wife of the appellant claimed he was the baby's father.   The court of appeal judges Patrick Kiage, Mumbi Ngugi and Francis Tuiyott sitting at the Kisumu Court of Appeal, empathized with the man, but disagreed that he (the appellant) be compensated by the hospital for not detaining his wife.  They upheld the lower court's judgement which added that there's no remedy that lies in the law for such grievances.   Kiage said;   "I agree that if a man takes the woman he loves to t...
Post a Comment
Read more

Togo prime Minister Komi Klassou resigns

Togo’s prime minister and his government have resigned, the West African nation’s presidency said late Friday. President Faure Gnassingbe congratulated prime minister Komi Selom Klassou and his team for their “economic, political and social efforts and the encouraging results despite the health crisis around the world”, a statement on the presidency’s official website said. Togo has been due for a political reshuffle since Gnassingbe was reelected in February for a fourth term in office, but changes were delayed by the coronavirus pandemic. The president’s election win, which came after a constitutional change allowing him to run, extended more than a half-century of dynastic rule over the former French colony by the Gnassingbe family. The victory was disputed by the main opposition challenger, who has faced official harassment in the wake of the vote. The president has led the country of eight million people since taking over in 2005 following the death of his father Gnass...
Post a Comment
Read more