Prince’s Estate To Be Settled Among His Siblings
Prince’s estate is being settled between his sister Tyka Nelson, his only full blooded sibling and his five half-siblings Alfred Jackson, Norrine Nelson, Sharon Nelson, Omarr Baker and John Nelson. The late singer apparently did not have a will, though attorneys are still searching for one. Five of Prince’s six siblings were present at a hearing on Monday. The odd one out was John.
Tyka Nelson filed an emergency petition for the appointment of a special administrator from Bremer Bank and Trust, according to Minnesota court documents. A lawyer for the institution said that all heirs, except John, signed consent forms at the hearing to allow Bremer Bank and Trust to manage the estate.
The value of Prince’s estate and music catalog are still being determined, but the latter is said to be roughly $500 million. Then there are hundreds of albums and songs that were kept out of public eye, until now. Experts have also said that his Paisley Park property is valued at around $250 million, but some say that it could be worth $100 million more in the next few years. “I think that the minimum income flow over the next five years – minimum – is $100 million,” entertainment attorney Donald David, who represented estates of Tupac Shakur and TLC’s Lisa “Left Eye” Lopez after their deaths, told People.
Since Prince does not have a will, up to this point, and no wife or kids, Minnesota law says that his estate will be divvied up among his sister and half siblings. They will also take over his brand, including Prince’s NPG record label. Prince’s net worth is an estimated $300 million, according to several sources.
In an interview with ABC’s The View in 2012, the musician said the reason he was holding on to the music was because there was so much of it. It was an eery foreshadowing. “One day, someone will release them,” Prince said. “I don’t know if I’ll get to release them.”
While he won’t, someone most likely will. His half-brother, Alfred Jackson, said he wanted to do so. “[To] let people know how great he really is,” he told CNN.
Jackson knows, however, that it’s not just his decision. “That is something I haven’t talked about with my family yet,” he said.
Either way, there is a lot at stake for Jackson and the rest of his siblings.