The battle over Prince’s $156 million estate has finally come to an end six years after the music legend’s death.
A Minnesota state judge on Monday split cash, music rights and other assets belonging to the late icon evenly between two holding companies: Prince Legacy LLC, controlled by a group of three half-siblings and their advisers; and Prince Oat Holdings LLC, controlled by the music publishing company Primary Wave, which acquired its share of the estate from three other half-siblings, according to People.
Prince, who died of a fentanyl overdose in 2016, hadn’t written a will and his half-siblings were named legal heirs due to his lack of kids and a spouse, according to Billboard.
L. Londell McMillan, one of two advisers who control an “undisclosed stake” in the estate and are partnered with Prince Legacy LLC, suggested the settlement will open the door to a wave of Prince-branded enterprise, including at his famed Paisley Park home outside of Minneapolis.
“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, Paisly Park [sic] events, branded products and more,” McMillan told Billboard in an email. “It is a historical and very exciting time. Prince is almost free to rest now.”
Prince famously maintained tight control over his music and image during his lifetime.
Primary Wave said in a statement to Billboard the company was “extremely pleased” that the estate’s closure “has now been finalized.”
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” a representative for the publisher said.
“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,” Primary Wave said. “With the distribution of estate assets, we look forward to a strong and productive working relationship.”
(Huff Post)
