Prince’s estate handed severe tax bill amid valuation case

Prince’s valued estate value has recently been calculated by a local tax agency and according to its reports, the value jumped over 50% from the initial proposed valuation, according to Comerica Bank & Trust.

Per a report by Star Tribune, the estate may go upwards of $163.2 million and two of its major legal discrepancies center around the publication and recording interests of the song Purple Rain.

The first discrepancy involves the market price of Prince’s ownership in NPG Music Publishing, whereas the other rides on $11 million in musical compositions.

Prince’s attorney believes the valuation of the entire estate is “way more of an art than a science” because "What we have here is a classic battle of the experts – the estate’s experts and the IRS’ experts.”

As a result that “It could be several years before they get this worked out if they don’t agree to a settlement. It depends on how hard the IRS is digging in its heels.”

Even Prince’s siblings are still waiting on their payout. Sister Sharon and Norrine and brother John Nelson simultaneously filed their legal proceedings for "payment for services and efforts provided to the estate.”

Reportedly, they have spent "considerable time and investment in business matters related to the Estate. Unlike others, who have performed services for the Prince Estate, SNJ has not received any financial sums for numerous and repeated services they have contributed to the Estate."

The court documents also shed light on their current situation, as they have had to rely "solely on their pension, social security, personal savings and loans from friends” whereas legal custodians are still being paid in full.

"As this Court is aware, the Estate has now been on-going for over three years. In this time, millions have been paid to the Personal Representatives, their accountants, attorneys, and legal advisors."