The artist’s family has finally agreed to share the inheritance of 156 million dollars left behind by Prince.
Died at the age of 57 in April 2016 following an overdose of fentanyl, the musician had left no will and had neither wife nor child. The entire inheritance therefore had to be divided between the 6 half-siblings.
Half of these sold their shares to the company Primary Wave, which acquired Prince’s back catalog last year. The other three wanted to keep their shares and hired longtime Prince advisers L Londell McMillan and Charles Spicer to manage their holdings.
This Monday, August 1, a judge in Minnesota signed an agreement that divides Prince’s inheritance between the last 3 heirs and their families, advisors and Primary Wave.
In a statement released by the Billboard, a company spokesperson explained that they are “extremely pleased that the process around this matter is finally complete.”
“Prince was an iconic superstar and this move out of court now places him on a more professional and capable footing. When we announced our 50% rights acquisition last year, our goal was to protect and to grow the incomparable legacy that Prince has left us. With this distribution of shares, we look forward to a strong and productive relationship.”
McMillan, for his part, added that he and his partners were “relieved and very happy to be done with the probation court system and the bankers who know nothing about the music business, let alone Prince” and that they were also eager to “envision things the way Prince did.”
Don’t miss this Friday, August 5 from 9 a.m. on Classic 21 some excerpts from the legendary Prince and The Revolution concert at Syracuse in New York, reissued in a completely remastered version.
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