Prince’s Estate Worth Way More Than Originally Thought
When Prince passed away suddenly in 2016, he didn't specifically say how he had wanted his wealth distributed. And on top of that, the thought was that it was worth about $82 million. That seemed like a very low number considering everything that Prince had done throughout his career.
Since that time, there have been a couple of his siblings that have passed away. A couple of others are in their 80s. Now, the IRS has valued Prince's estate at $163.2 million in 2020. And the surviving heirs have settled on this amount.
In the end, the estate will be almost evenly divided between a well-funded New York music company — Primary Wave — and the three oldest of the music icon’s six heirs or their families.
The legal fees that have added up over the years are hefty too. There have been millions of dollars paid in legal fees that have ended with a plan for the distribution of the estate. After it is distributed, then the taxes are fairly hefty too. But it starts after a certain amount. According to Billboard Magazine, the federal tax after 5 million will be about 40%. The Minnesota state tax is a little less. After the first 3 million, the tax is then at 16%.
At least now, after 6 long years, this case is basically settled.
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