As the second anniversary of Prince's death approaches, his heirs have yet to collect one dollar of his estimated $ 200 million worth of fortune. But bankers, lawyers and consultants have earned millions of them.
The long saga to settle the estate offers a cautionary tale about dying without a will, like Prince, when he died of an accidental opioid overdose in his suburban studio in Minneapolis on April 21, 2016, and the heirs can not stop arguing. Here's a look at things:
NO DOUGH YET
Although Prince passed away almost two years ago, the executor, Comerica Bank and Trust, can not share the money among Princes six surviving two Siblings until the Internal Revenue Service and the executor agree on the value of the property when Prince died.
It's not clear when that could happen. The IRS and the state of Minnesota are entitled to collect about half, although the assets may extend payments over time.
VALUE CREATION OF AUSTRIA
The court ruled several months after the death of the prince worth about $ 200 million before taxes. The actual value remains one of the biggest secrets in this case, hidden in sealed and edited documents. The actual rating may have gone up or down since then.
This is because the various lawyers, accountants, and industry experts had not completed any appraisals and financial statements for the use of his music, videos, and assets including his Paisley Park studio at this time. Lawyers for the heirs did not return calls for this story or declined to comment.
FRICTIONS AND FRACTIONS
The six heirs were bitterly divided. Sharon Nelson, Norrine Nelson and John R. Nelson form a faction that has fought on several fronts against Comerica and other heirs, including Comerica's decision to move the contents of Prince's tape library from Paisley Park to Los Angeles.