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In what’s felt like years, and far too many of them, the estate of late music legend Prince has been in a state of tug-of-war — business reps on one side, family on the other.
However, it now looks like the battle may finally be coming to an end following new reports that an agreement has been met with both parties sharing an even split.
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Minnesota’s First Judicial District issued the order on Monday (Aug 1) which splits the $6 million in cash between Prince Legacy LLC and Prince OAT Holdings LLC. The former consists of family, including half-siblings Sharon Nelson, John Nelson and Norrine Nelson alongside advisors L. Londell McMillan and Charles Spicer. Prince OAT Holdings LLC consists of the stakes sold to Primary Wave by family members Tyka Nelson, Omarr Baker and Alfred Jackson, in addition to three separate entities.
More on how that all breaks down below, via People:
“Prince’s six half-siblings were named his legal heirs after he died in 2016 with no living children or spouse and no will in accordance to Minnesota law, according to Billboard. Tyka Nelson, Omarr Baker and Alfred Jackson sold their interests to Primary Wave in the years since, creating the half of Prince’s estate now owned under Prince OAT Holdings LLC.
Prince’s remaining three siblings who did not sell their interests now control the other half alongside their advisors, according to Billboard.”
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Comerica Bank & Trust, which was assigned by the court to administrate the estate’s affairs during litigation, will retain $3 million in reserve funds to pay for, in their words, “the costs and expenses associated with closing the Estate.” That’s expected to include tax returns, professional fees and other necessary expenses. Here’s the catch: they have to spend a certain amount of money during three different periods between now and Jan. 31, 2024. Anything not spent at the end of that period will be returned back to another 50/50 spilt between Prince OAT Holdings LLC and Prince Legacy LLC.
To be honest, it all sounds pretty fair and probably what Prince would’ve wanted. Primary Wave also has stake in the estates of other pop icons like the late Whitney Houston, Ray Charles and Bob Marley.
Take a look at a video of Prince talking on ownership shared by fan on Twitter, and let us know what you think:
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