Currently, his heirs, lawyers, and consultants are battling over the entertainer’s estate, which is estimated at $200 million, the outlet reports.
Since Prince did not leave a Will, a judge chose for his siblings Tyka Nelson, Norrine Nelson, Sharon Nelson, John Nelson, Alfred Jackson and Omarr Baker to be the heirs to the estate.
His six siblings are currently in a battle over who should serve as the estate’s administrator of the entertainer’s master tapes of his music and his Caribbean villa.
Unfortunately, due to administrative expenses, $45 million has already been spent, a probate-court petition filed by his siblings reveals.
Court documents state that the heirs have asked for “a transition plan” for a new administrator, which will take place toward the latter part of June.
Mark Eghrari, the attorney who has written about Prince’s probate problems believes that the settlement battle will last for a decade. The Long Island estate planning attorney says so far he has witnessed a problem such as this is 30 years and counting.”
“As it is, I’ve no doubt that lawyers, accountants, and administrators will be the primary beneficiaries of Prince’s estate,” he said. “That’s a terrible shame.”
Ever since the Purple Rain singer’s death, more than 45 people have claimed to be heirs of his estate, the outlet reports.
An AP report said that some claimed to be his siblings, his wife, and even his children.
The siblings put differences aside to challenge Comerica, the court-appointed Dallas bank that became the estate’s administrator.
The siblings attested that the bank was behind on $31 million worth of taxes, which they claim “continue to accumulate interest.” They’ve made other claims regarding Comerica’s handling of the estate and revealed that the entity has not responded to their issues. Comerica still believes it should not be fired and they are the most equipped to serve as administers for the estate.
“The heirs are understandably frustrated that, three years after their brother’s death, the estate is not ready to be closed,” Comerica said, according to court documents.