Prince’s Estate Is Open for Business
The trust officials overseeing Prince’s estate have been given permission to bring in the big guns to help them manage the late icon’s music affairs.
A Minnesota state judge has allowed executives at special administrator Bremer Trust to begin monetizing Prince’s intellectual property and unreleased recordings, many of which have been locked away in a vault at the tragic superstar’s Paisley Park home outside Minneapolis for years.
The decision comes after a potential heir to Prince’s fortune urged the judge to delay the process until the court has determined who is legally entitled to inherit the “Purple Rain” star’s millions – and his lost recordings.
The judge also gave the Bremer Trust executives five months to get Prince’s house in order, telling them their appointment as administrator would end no later than November 2, when his official heirs will take over.
At press time, the late star has nine potential heirs jockeying for a big pay day.
The Bremer Trust bosses were brought in to manage Prince’s estate six days after his death in April at the request of the singer-songwriter’s sister, Tyka Nelson, who informed the court her brother had died without making a will.
Prince’s intellectual property is estimated to be worth between $100 million and $300 million, but the estate could be required to pay nearly $150 million in taxes, according to Billboard.
The “Purple Rain” star’s former bandmate and longtime friend Jimmy Jam recently urged estate bosses to give him the keys to Prince’s Paisley Park vault, where the prolific musician kept all his song ideas and unreleased recordings, insisting his former high school friend would have wanted him and his producing partner Terry Lewis to handle the release of the lost tracks.
“The vaults are amazing,” Jimmy says, revealing there are “probably thousands” of unheard songs there.
“We actually talked about that… and we told Prince we wanted to produce them, that that was one of the things on our bucket list. And he laughed and he said, ‘OK, what would you do?’
“I said, ‘The first thing we’d do is we’d go down to the vault and we’d get all those records… and start working with those’, and he said, ‘OK’… It’s great music.”