Six years after Prince’s death, his estate is finally established. This Monday, a Minnesota judge managed to reach an agreement on the distribution of the artist’s 156 million dollar inheritance, which is shared between three relatives, his advisers and the management company Primary Wave.
When he died in 2016 at the age of 57 from a fentanyl overdose, Prince had left no will for his heirs and, in the absence of a spouse or children, all of his property had passed to his six half-brothers and sisters. .
Three of the heirs later sold their shares to the Primary Wave management fund, while the other three, as well as their advisers L. Londell McMillan and Charles Spicer, kept their ownership.
Six years of negotiations
The distribution of such an important heritage required several years of negotiations between the different heirs of the singer. In January, US tax authorities and the star’s family agreed to estimate this inheritance at $156 million. Since then, both parties have been working to establish the legal structure that would govern the use of the legendary artist’s music.
The agreement, concluded this Monday by the Minnesota judge, therefore provides that this inheritance be divided into two companies created for this purpose: Prince Legacy LLC (owned by the heirs of the star who did not sell their shares) and Prince Oat Holdings LLC (owned by Primary Wave).
“We are relieved and delighted to finally end the probate court system and bankers who don’t know the music business and didn’t know Prince,” L. Londell McMillan, Heirs Advisor, told US media. Billboard.
For its part, Primary Wave was also enthusiastic about the deal: “When we announced last year our acquisition of part of the estate, increasing our stake to 50%, our aim was to protect and develop the ‘Prince’s Matchless Legacy’.
Source: BFM TV
