Comerica Bank & Trust, the administrator of the estate, and the IRS revealed the valuation at a hearing back in January 2022. The estate includes Prince’s real estate holdings, his immense music catalog and his infamous vault of unreleased recordings.
A Minnesota judge signed off on the agreement at a hearing on Friday, July 29, 2022 and stated that Comerica will retain $3 million in reserve funds to pay the costs and expenses associated with closing Prince's Estate, including professional costs, tax returns, and any other expenses.
Additionally, the judge ordered that the cash in Prince's estate be evenly divided between, Prince Legacy LLC and Prince Oat Holdings LLC.
Prince Legacy LLC consists of interests previously held by three of Prince’s half-siblings: Sharon Nelson, John Nelson and Norrine Nelson.
Prince Oat Holdings LLC is owned by music publishing company Primary Wave and consists of interests previously held by Tyka Nelson, Omarr Baker and Alfred Jackson, along with three separate entities owned by Primary Wave.
Advisors L. Londell McMillan and Charles Spicer, who partnered with the three heirs who declined to sell the shares in the estate, also control an undisclosed stake.
After Prince’s death in 2016, in accordance with Minnesota law, his six half-siblings were named his legal heirs because he had no living children, a spouse or a legal will.
In a statement, Primary Wave said that it was "extremely pleased that the process of closing the Prince Estate has now been finalized."
"Prince was an iconic superstar and this transfer out of the court's jurisdiction puts in place professional, skilled management," Primary Wave said in the statement. "When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince's incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship."
McMillan added that he and his partners were “relieved and thrilled to finally be done with the Probate Court system and bankers who do not know the music business and did not know Prince.” He added that they were looking forward to “implementing things the way Prince did.”
“I represented Prince for over 13 years and we led with innovation to reform the music industry— we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisley Park events, branded products and more,” McMillan said in an email. “It is a historical and very exciting time. Prince is almost free to rest now.”