Talking Points: The Fate Of Prince's Estate
MINNEAPOLIS (WCCO) – On Monday morning, a judge in Carver County will hold the first of what will likely be many hearings on how to settle Prince's estate.
Estimates of the value of the estate are all over the map, ranging from $100 million to $500 million.
In Carver County alone, Prince owned not only Paisley Park but more than a dozen other properties valued at over $30 million.
Because the singer did not have a will, the settlement of his estate is expected to be a complicated matter that could take years and eventually cost millions of dollars in legal and management fees.
Because Prince had no children and wasn't married, his sister, Tyka Nelson, and his half-siblings are his heirs.
But legal analysts predict a lot of claims will be made for a share of the estate.
A California man has already filed, saying he is the rightful owner of all Prince's music because he and the singer had a verbal agreement dating back to the '90s.
A judge will have to sort out all the claims and determine which ones are legitimate and which one are not.
Complicating the mater is a vault at Paisley Park that by some accounts holds hundreds of unpublished Prince recordings and music videos.
"It enhances the value of the estate immensely, and it also increases the number of people who are interested in that estate," said Twin Cities attorney Joe Tamburino, who was a guest on WCCO Sunday Morning.
"Think about it," he added, "you could have another Purple Rain in that vault that someone could produce later on."
But how much Prince ends up being worth after his death will depend on how efficiently and smoothly his estate is settled and if his siblings can avoid battling each other.
One blueprint for success is Elvis Presley. At the time of his death in 1977, his net worth was estimated at between $5 and $10 million.
Today, Elvis estate is conservatively estimated to be worth over $400 million.
