YEARS AFTER LEGENDARY MUSICIAN PRINCE’S DEATH, THE ISSUE CONCERNING HIS LUXURY PROPERTY STILL PERSISTS
Legendary musician Prince has been dead for almost three years now, but his mark in the music world continues to live on, and in the same vein, the battle over his estate still exists. It’s quite disturbing that after years of his death, his family has not been able to solve the issue that lingers around the ownership of his estate yet.
THE FAMOUS CARIBBEAN VILLA ESTATE
Last month made it 3 years since Prince died, and the fight over his estate has lasted almost as long as that. The estate has a land sparse of about ten thousand square foot in the Caribbean villa. Prince, who was 57 when he lost his life to drug overdose, left behind a lot of wealth and inheritance which includes a famous estate located in the Caribbean. The estate has been estimated to be worth around $200 million.
The legitimate heirs to the property named by the court are the 6 siblings of the award-winning superstar, and this is because he had no will at the time of his death. The Court left the estate under the care of Comerica in Dallas, and they have been the estate administrators during the last three years.
Now, the heirs have signed a petition against the court order by challenging Comerica Bank. One of their reasons is that the bank has charged more than $40 million as their admin expense since taking over as the administrator of the estate from Bremer Trust who were the initial administrators before the court’s verdict.
Furthermore, the heirs have questioned the management capability of Comerica after claiming that the bank is lagging in settling some of the unpaid balance accrued on the estate. Also, the bank is yet to settle the $31 million payment on taxation policy for the property.
However, Comerica has decided to fight back by insisting that they have the right structure and are equally qualified to remain as the estate administrators. The bank is claiming that they have empathy for the heirs and understand their worries that issues concerning the estate are yet to be finalized even after 3 years of their brother’s death.
The issue of Prince’s estate has seen Prince’s death. At first, as many as 45 people were claiming to be the heir of the property before the court successfully narrowed them down to six.
Prince, whose real name is Prince Rogers Nelson, died on the 21st of April, 2016. He was known for his versatility in the entertainment scene with his musical prowess, songwriting skills, and music-producing abilities. His Illustrious career lasted for over 40 years packing 32 Grammy nominations and 7 awards, 4 MTV and multiple BET awards.