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More than six years after the legendary artist passed away without a will, a Minnesota judge on Monday approved a settlement that would finally put an end to the protracted legal struggle over Prince's $156 million inheritance.
via: People
According to a copy of the decision acquired by PEOPLE, the Minnesota First Judicial District issued an order on Monday dividing the funds in Prince's estate equally between two corporations, Prince Legacy LLC and Prince OAT Holdings LLC.
Three of Prince's half-siblings, Sharon Nelson, John Nelson, and Norrine Nelson, as well as advisors L. Londell McMillan and Charles Spicer, now have interests totaling 50% of the late 57-year-estate. old's
According to court filings, the Prince OAT Holdings LLC, which is owned by the music publishing company Primary Wave, includes three different entities owned by Primary Wave as well as interests formerly held by Tyka Nelson, Omarr Baker, and Alfred Jackson.
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.
The court order also reads that the bank assigned by the court to administrate the estate’s affairs while its future was litigated, Comerica Bank & Trust, will retain $3 million in reserve funds to pay “the costs and expenses associated with closing the Estate,” including tax returns, professional fees and any other expenses needed.
Comerica is required to distribute any unspent funds at three different periods between now and Jan. 31, 2024, with future distribution also split 50/50 between Prince OAT Holdings LLC and Prince Legacy LLC, according to the court order.
Primary Wave told Billboard in a statement Monday that it was “extremely pleased that the process of closing the Prince Estate has now been finalized.”
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” Primary Wave said in the statement obtained by Billboard. “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. With the distribution of estate assets, we look forward to a strong and productive working relationship.”
Primary Wave did not immediately respond to PEOPLE’s request for comment Tuesday.
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