On Prince’s passing, it became apparent that the superstar had died without leaving a will.
It is thought that the late singer’s estate is estimated to be worth in the region of $300 million, and as you can imagine, the artist’s relatives are more than anxious to settle the division of his assets — but, Prince’s net worth isn’t all that it seems. Thanks to all the impending taxes following his death, the actual value of those assets looks like they may be drastically diminished.
In a recent article by NBC News, it reported that half of the estate’s $300 million estimated worth will end up going to taxes. If the estate doesn’t have the sufficient cash to pay that bill, then those chosen to handle his estate might have to take the drastic step of having to sell off the star’s physical assets including the thousands of unreleased songs in his vault; the singer’s prized collection of guitars; the rights to his image and music, and his beloved home/ recording studio, Paisley Park in Minnesota.
This risk of losing all of the above should motivate the parties at hand to resolve the estate debate swiftly, financial advisors said.
Douglas Peterson, one of the estate’s lawyers, said of paying the tax bill: “If we do not, the government will not wait. They will have a fire sale, and that is not in the best interests of anyone.”
The heirs to Prince’s estate should be determined by the end of this month, when a probate hearing is scheduled. After that, we can only hope that the late singer’s affairs are dealt with swiftly in order to save the legacy of one of the world’s greatest singers and performers of all time.