The details surrounding Prince's estate have been quite confusing, to put it lightly. The main reason behind the confusion is as a result of the late singer leaving no will, which has thrown the entire process of who receives what, in flux. Despite the confusion, we now have some clarity on a key detail regarding Prince's estate; its value.
According to a new court filing, Prince's estate is reportedly worth roughly $200 million, the first time a specific estimate has been given regarding the value of the estate. Prior to the court filing, officials were combing through the Minnesota native's musical catalogue, unreleased music, the Paisley Park studio complex, in addition to other assets, with one lawyer for Berner Trust (the company overseeing the "Purple Rain" singer's estate) stating that the estate could be worth up to $300 million.
(Kevin Winter/Getty Images)
The $200 million figure isn't exact, but it is based on Berner Trust's fee, which is $90,000 per month ($1.08 million per year). The fee schedule Berner Trust uses is based on the value of the estate which is how AP came to the $200 million figure. Two estate law experts who have no connection to Prince's estate agreed with the figure after reviewing the documents themselves.
The $200 million value also isn't quite finalized yet. Further appraisals need to be done and tax officials need to come to a decision for themselves on the estate's worth. In addition, because of a tax bill on the estate, Berner Trust may actually be lowballing on the estate's value. According to Minneapolis estate law attorney Susan Link, the estate will have to "[write] a check for a whole lot of money" sometime in the near future for taxes worth half of the estate's value, though they could pay 10 percent of what they owe and spread it across 10 years.
The estate has until January 21 to file federal and state estate tax returns.
