Prince’s heirs agree on the division of the artist’s estate

After six years of negotiations, the assets of the star, estimated at 156 million dollars, were divided between two companies, Prince Legacy LLC and Prince Oat Holdings LLC, created for the occasion.

Six years after Prince’s death, his estate is finally settled. This Monday, a Minnesota judge managed to reach an agreement on the sharing of the artist’s $ 156 million inheritance, which is divided between three family members, their advisers, and the management company Primary Wave.

When he died in 2016 at the age of 57 from a fentanyl overdose, Prince had left no wills for his heirs and, in the absence of a spouse or children, all of his property had been passed on to his six-half brothers and sisters.

Three of the heirs then sold their shares to the Primary Wave management fund while the other three – as well as their advisers L. Londell McMillan and Charles Spicer – kept their property.

Six years of negotiations

The sharing of such an important estate required several years of negotiations between the various heirs of the singer. In January, the US tax authorities and the star’s family agreed to estimate this inheritance at $156 million. Since then, both sides have been working to put in place the legal structure that would govern the use of the legendary artist’s music.

The agreement, concluded on Monday by the Minnesota judge, therefore provides for this inheritance to be distributed in two companies created for this purpose: Prince Legacy LLC (owned by the heirs of the star who did not sell their shares) and Prince Oat Holdings LLC (owned by Primary Wave).

“We are relieved and delighted to finally be done with the probate court system and bankers who don’t know the music business and didn’t know Prince,” said L. Londell McMillan, Heirs Advisor, to the American media Billboard.

For its part, Primary Wave was also enthusiastic about the agreement: “When we announced last year our acquisition of part of the estate, increasing our stake to 50%, our objective was to protect and develop the ‘Prince’s Matchless Legacy.’

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