As Prince Heirs Stew, Bankers and Lawyers Cash in on Estate
A Hearing on Prince's Estate is Scheduled for Wednesday
MINNEAPOLIS-As the second anniversary of Prince’s death approaches, the rock star’s heirs have yet to collect a dollar of his estimated $200 million estate. But bankers, lawyers and consultants have earned millions from it.
The long saga to settle the estate provides a cautionary tale about what can happen when someone dies without leaving a will – as Prince did when he died of an accidental opioid overdose at his Paisley Park studio April 21, 2016 – and the heirs can’t quit squabbling.
Even though it’s been nearly two years since Prince died, the executor, Comerica Bank and Trust, can’t split the money among Prince’s six surviving siblings until the Internal Revenue Service approves. It’s not clear when that might happen.
A hearing on several highly contentious issues is scheduled for Wednesday.