After six years of legal quarrels, all parties have agreed on a value for legendary singer Prince‘s estate.
The Internal Revenue Service and the estate’s administrator, Comerica Bank and Trust, have agreed to a value of $156.4 million, a figure that the heirs to the estate have also accepted, according to Minnesota’s Star Tribune.
The final valuation exceeds the $82.3 million valuation initially submitted by Comerica. The IRS determined earlier this year that executors of the pop icon’s estate undervalued it by 50 percent, estimating $163.2 million instead in court filings.
Prince died in April 2016 of an accidental fentanyl overdose at his Paisley Park home in Minnesota at age 57. He did not have a will, leaving his sister Tyka Nelson and five other half-siblings claims over his estate.
Neil Lupin/Redferns/Getty Prince’s estate worth $156.4 million in final valuation
The estate will be divided between three of Prince’s oldest siblings and Primary Wave, an independent music publishing and talent management company that purchased the interests of the music icon’s younger siblings.
Charles F. Spicer Jr., court appointed advisor for the remaining heirs of the estate, confirmed the valuation to EW, adding that the family is thrilled that the extensive legal battle has reached a conclusion.
“We’re looking out for the best interest of fans [and]…
