Prince’s Estate Valued at $156.4 Million After Five Years of Legal Battles

In Summary

After years spent in legal battles, Prince's estate can now start distributing his wealth in the coming months.  

Prince’s estate has spent the last six years in a legal battle over its value and now it’s coming to an end with a nice $156.4 million price tag.  

In 2020, the IRS valued the estate at $163.2 million, but an appraisal conducted by Comerica Bank & Trust said it was worth $82.3 million, the Star Tribune reported.  

RELATED: IRS Says Executors Undervalued Prince’s Estate By 50%  

Comerica, the IRS and Prince’s heirs have agreed the process for distributing Prince’s wealth can begin in February. “It has been a long six years,” L. Londell McMillan, an attorney for three of the musician’s siblings, said.  

Part of the reason the distribution of his wealth was held up in court because the singer did not have a will when he died in April 2016. Since his untimely death, lawyers and consultants have been working to devise a plan for how his wealth would be distributed.  

RELATED: Prince Still Reigns: Late Artist To Be Awarded Congressional Gold Medal  

According to the Star Tribune, the estate will be almost evenly divided between New York music company Primary Wave and the three oldest of Prince’s six heirs or their families. About $5 million of the estate will be tax-exempt under federal law, but the remaining will be subjected to a tax of about 16%.  

Prince, born Prince Rogers Nelson, won numerous awards, including a Golden Globe Award for Best Original Song, a Grammy for Best Score Soundtrack and an American Music Award for Favorite Album.  

RELATED: Prince’s ‘Sign o’ The Times’: A Timeless Masterpiece  

In April 2021, his album Welcome 2 America was posthumously released after being recorded in 2010, according to Vulture. More albums may come, according to NPR, as hundreds of unreleased songs were found at the time of his death.  

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