Court officials edge closer to dividing Prince’s estate
MINNEAPOLIS (AP) — Court officials are edging closer to dividing up pop superstar Prince ’s estate.
The Minneapolis Star Tribune reported Wednesday that November tax filings show the Internal Revenue Service and Comerica Bank & Trust, the estate administrator, have reached an agreement in November on the total value of Prince’s assets.
The specific number hasn’t been disclosed but it could be more than $100 million. The IRS last year determined Prince’s assets were worth $163.2 million. Comerica put the number at $82.3 million. IRS officials felt Comerica’s total was so low they imposed a $6.4 million accuracy penalty on the estate.
The Carver County probate court still must approve the agreement. The court is set to begin discussions in February on how to divide up the assets.
The estate likely will be divided between New York music company Primary Wave and Prince’s three oldest heirs or their families. Primary Wave bought out all or most of the interests of Prince’s three youngest siblings.