Value of Prince’s $300-million estate is expected to soar in coming years as family seem to be gearing up to fight for his priceless music catalogue

| May 3, 2016 | 0 Comments

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Above, a fan pays her respects Friday outside Prince’s Paisley Park residential compound in Minneapolis. (Mark Ralston / AFP/Getty Images)

Prince’s sister Tyka Nelson and four of the singer’s half-siblings met in court

today for a hearing about the music legend’s reported $300 million estate.

The singer’s 55-year-old sister appeared in front of a judge in Chaska, Minnesota, on Monday in a hearing to formally appoint the “special administrator” who will handle Prince’s estate.

A lawyer for Bremer Bank and Trust, the institution appointed to handle the singer’s estate, said that while no will for the singer has been found, the bank is continuing to search for one.

Two of Prince’s half-siblings, Norrine and Sharon Nelson, hugged and chatted at the hearing while the others – Omarr Baker, Alfred Jackson and John Nelson – sat quietly and had very little interaction.

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Tyka, Prince’s only full-blooded sibling, had no interaction with the other potential heirs at the hearing.

It’s still unclear who will end up inheriting the singer-guitarist’s fortune. Whoever takes control stands to benefit handsomely from a song library, including hits like “1999” and “When Doves Cry,” that is only expected to soar in value in the years ahead.

Prince, who died last Thursday at 57, is poised to join a rare field of singer-songwriter artists like Michael Jackson, Elvis and Bob Marley, who continue to make money well after their deaths.

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Although Michael Jackson was millions in debt when he died. Since his death the family has made billions. At the time of his unexpected death in June of 2009, Michael Jackson’s personal debt had ballooned to an estimated figure somewhere between $400 and $500 million. By the time of his death, he was reportedly paying $30 million per year alone in debt payments.

One forensic accountant testified that the singer had an “ongoing cash crisis” and was spending $20 million to $30 million more per year than he earned. The singer faced foreclosure on Neverland. He also repeatedly failed to make mortgage payments on a house in Los Angeles that had been used for years by his family.

However, in the 6 years since his death Michael Jackson’s estate grossed over $2 billion — not including expenses. Much of the money came from the sell of his music catalogue. In March Sony paid Michael Jackson’s Estate $750 million for stake in the singer’s music catalog that included more than one million copyrights, including about 250 songs by the Beatles. Also a large chuck came from the film “This Is It,” Cirque du Soleil shows and 50 million album sales. With expenses included, Jackson’s estate net worth comes to well over a billion.

Jackson’s Estate is still benefiting from the publicity and is maintaining $200 million income per year.

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Category: Celebrity news

About the Author ()

Darnell Moore has extensively studied music and urban culture both academically and professionally for over 20 years. His writings and posts have appeared in many major urban publications. Moore is the founder and creator of Memoirs of an Urban Gentleman. Contact him , http://darnellmmusic@gmail.com/ or https://twitter.com/@darnellmmusic/

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