Prince's estate value was announced after the singer's administrator and the Internal Revenue Service had different calculations.
Following Prince's tragic death six years ago, the Comerica Bank & Trust divided the singer's assets to his heirs as he did not leave a will at all. With the help of the IRS, the division was successfully made but still had one problem in the end.
At that time, Comerica revealed that Prince only had $82.3 million, while IRS estimated it at $163.2 million.
But in an update shared by Minneapolis Star Tribune, it has been determined that his estate is valued at $156.4 million.
How the Estate Would Be Divided
With that said, the estate will now be divided between Primary Wave and three of Prince's oldest family heirs. Initially, he had six sibling heirs. However, two of them - Alfred Jackson and John R. Nelson - died within the six-year planning. Two others are now in their 1980s. The development left the Primary Wave to have the single largest state with 42 percent of Prince's estate value.
Following the development, the attorney for the three remaining heirs referred to the process of determining the estate's value as "long six years." The finalization of the value happened during the hearing at a Carver County District Court.
"No matter what, we are going to fight to preserve the legacy of Prince. We would like to bring the purple back and actually do things the way Prince did," attorney L. Londell McMillan said, as quoted by Rolling Stone. "We will work with Primary Wave and any other party that holds interest in the estate."
Meanwhile, the IRS - through the Minnesota Department of Revenue -- sent Prince's estate with a $6.4 million accuracy-related penalty.
Prince and His Estate's Rollercoaster Journey
The new update came after legal battles were performed while finalizing the singer's estate value.
In 2020, Comera sued the IRS in US Tax Court, alleging that the service created mistakes in their calculations. They also demanded Prince's heirs to undergo a trial if they truly wanted to lower his estate tax.
"Instead, the members of the heir group have uniformly communicated to [Comerica] their strong desire that the estate settle with the taxing authorities," the filing read at that time.
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