A final valuation of Prince’s estate has been set at $156.4 million after the Internal Revenue Service and Comerica Bank & Trust agreed to divide the estate. In April 2016, Prince died from an accidental fentanyl overdose. The singer left no will and his siblings are among his six half-siblings. The three oldest siblings will receive the estate, while the two remaining heirs are in their 80s. The heirs have spent tens of millions of dollars on lawyers, consultants, and other expenses. The heirs’ attorney, Charles F. Spicer Jr., said it is a long and tedious process to distribute the artist’s fortune.
The parties to the estate’s estate settlement have estimated the estate’s value at $156.4 million. The figure dwarfs the eight 2.3 million valuations from the estate administrator. It also makes it more likely that the estate will be distributed before the end of 2020. After Prince died in 2016, he did not leave a will and it is unclear what will happen to his estate. His estate is split between Comerica and his three oldest heirs.
Comerica Bank & Trust, and the parties to the estate have agreed on a valuation for the artist’s estate. The new appraisal is a far cry from the $82.3 million appraisals by the estate administrator. However, the final valuation is expected to be higher in 2020, making it more likely that the distribution process can start in February. Although the estate is worth $150 million, it may not be distributed that way, and the process of distributing the wealth of the singer’s family could start as early as February. The three oldest heirs are the only ones to inherit from Prince.
The estate of the late singer could start to be distributed as soon as next month, after the Internal Revenue Service and Comerica Bank & Trust agreed to value it at 156.4 million. In contrast, the estate of the deceased songwriter and singer was valued at $82.3 million by the Internal Revenue Service in 2016, but it is now at $156.4 million in 2020. In the end, the three oldest heirs of Prince will receive equal shares of the estate.
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A final valuation of the estate of the late singer could start next month. After an extensive court battle between the IRS and the heirs, the Internal Revenue Service has set a value on the estate at $156.4 million. The heirs have until February to complete the process. But if they have to go through the court process, they will have to wait until April to distribute the money.