It’s taken six years for Prince’s siblings to finally receive their cut of his estate, and to say that we – like many – are surprised by the payout amount is an understatement.
As y’all may have heard, Prince’s siblings had an ongoing battle over his estate ever since Prince passed away in April 2016, without leaving a will (it’s been said that Prince didn’t believe in wills). Good news is that the battle is apparently over. Bad news is that the siblings received only a smidget of what Prince’s overall net worth is rumored to be. – $156 million or more.
Prince’s Siblings Only Received How Much?
Prince’s siblings are splitting $5,638,878.29 dollars — which presumably still has to be taxed, so that nearly-6 mil’ is lookin’ more like 3M’s.
Via The Blast: According to new legal documents…Comerica Bank — which was overseeing the administration and legal case involving the singer’s estate — is closing it with final “distributions” to the family. …
The final numbers involve what will be divided NOW — in cash. In a final agreement, Prince’s three oldest siblings and their families will split the wealth with New York music company Primary Wave. Prince’s sister, Tyka Nelson, sold most of her stake in the estate to Primary Wave, as did Alfred Jackson and Omarr Baker. Unfortunately, two of his heirs — John R. Nelson and Jackson — died while the case was ongoing.
“Excepting the Reserve and following the payments set forth in Paragraph 8, herein, the property of the Decedent on hand for distribution consists of the following: $5,638,878.29 in cash,” is what the final agreement reads.
The Blast also reports that Comerica will “reserve” $3 million of the estate dollars for any future legal cases regarding Prince:
“Comerica shall retain a total of $3 million as a reserve to ensure it can pay the costs and expenses associated with closing the Estate, including the preparation of tax returns, professional fees, expenses, and any awards entered in pending litigation involving the Estate, expenses previously incurred by the Estate for which it has not received invoices, and any other necessary expenses,” the document states.
Again, the total market value of Prince’s estate is reportedly $156.4 million. But only $6 million of it was supposedly available in cash to be split among the siblings.
Where Is The Rest Of Prince’s Paper???
So, according to the court docs, the remainder of Prince’s estate (minus the siblings’ $6 mil’ and Coamerica’s $3 million “reserve”), will be made available to Prince’s siblings…supposedly:
The rest of the $100 million estate consists of music publishing, businesses, and real estate owned by the late singer. The family will begin to profit from those items, as soon as the ink is dry on this agreement.
Prince’s Siblings Spent More $ Than They Received In Legal Battle
Prince’s siblings reportedly spent a whopping $10 MILLION throughout the past six years, fighting for their estate inheritance. However, they seem to be okay with the dollar amount they’ve now received…well, at least one sibling does.
Following Prince’s siblings estate hearing in early August 2022…Prince’s sister, Sharon Nelson (pictured above with blonde hair and sun shades) said, “Prince can now rest in peace. … We are free at last, thank God almighty, we are free, it’s been a long, long grueling six years.”
Sharon also vowed, to the media, to bring Prince’s music back to Paisley Park, now that they’ve taken care of the biz’:
“What’s the most important thing that you think about when you think of Prince? The music, absolutely, and where is it? It isn’t here, So we’re going to bring it back, that’s what we’re going to do.” She continued, ““Once we have the music, they are going to get the real good sound that they should have had six years ago, We’re going to bring his original music out.”
According to reports, ‘Primary Wave will have control over 4 of Prince’s music companies and vows to continue with his legacy.’
Hmmm 🤔…overall, it seems that Prince’s siblings should have received a far bigger cash chunk of the pie. However, the details that went down behind the scenes pertaining to Prince’s dividends may very well be legit…or not. Anywho…best wishes to the siblings going forward.