Prince's Family Claim That The Artist Had No Known Will
Wed, 27 Apr 2016 15:49:24
Prince's sister Tyka Nelson said the singer had no known will and requested she be named an administrator of his estate. Nelson is Prince's only surviving full sibling, Rolling Stone reports, although, Prince has three surviving half-siblings. Now, "A Minnesota judge appointed a corporate trust company on Wednesday to temporarily oversee Prince's multimillion-dollar estate, saying the emergency appointment was necessary because the superstar musician doesn't appear to have a will and immediate decisions must be made about his business interests," the Associated Press reports.
Judge Kevin Eide granted Nelson's request to appoint Bremer Trust as special administrator. The Judge noted the corporate trust company's affiliate, Bremer Bank had provided financial and business services to Prince in the past.
"The judge said Nelson and one of Prince's half-brothers, Omarr Baker, were part of the telephone conference that prompted his decision Wednesday. The judge said no one objected to appointing a special administrator.
Under Minnesota law, if a person dies without a will - and with no surviving parents, children, or grandchildren - the next people in line to share in the estate are the surviving siblings, including half-siblings. Prince wasn't married and had no known living children," The Associated Press reports.
At this time, it's unclear how much Prince's estate is worth, though his albums and tours are valued to have earned hundreds of millions. Prince's real estate holdings-- which include the Paisley Park complex, his famed house and recording studio outside Minneapolis--is worth approximately $27 million, The AP reports.
In the days following Prince's death, record sales have surged. Three Prince albums sit atop the Billboard Top Ten: The Very Best of Prince at Number 1; Purple Rain at Number 2; and The Hits/The B-Sides at Six, Rolling Stone reports.
For More on Prince, check out:
—The ARTISTdirect Staff