Settlement Reached In Valuation Of Prince Estate
Prince’s estate has been valued at $156.4 million U.S., according to a settlement filed in a Minnesota court on Friday.
The valuation comes nearly six years after an accidental drug overdose killed the singer, who did not have a will.
What’s left of Prince’s fortune after taxes and legal fees will be divided between music company Primary Wave (which bought most of the interests of Prince's three youngest siblings) and the three oldest of his six heirs or their families, according to the Star Tribune.
Most of Prince’s estate will be subject to a 40 percent federal tax and 16 percent state tax.
Last year, the Internal Revenue Service (IRS) claimed Prince’s estate was worth $163.2 million (all figures U.S.). Estate administrator Comerica Bank & Trust had submitted a valuation of $82.3 million and filed a tax return in 2017 that was disputed by the IRS. Comerica sued the IRS in 2020 alleging its calculations were incorrect.
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