*Uncle Sam and the state of Minnesota may snatch a huge portion of Prince’s estimated $300 million estate before any of his relatives ever get their hands on it.
Douglas Peterson, an attorney for Bremer Trust, the wealth management firm appointed to oversee Prince’s estate, told Carver County District Judge Kevin W. Eide that they would owe federal and state taxes equivalent to half of the cash value of the estimated $300 million estate, according to NBC News.
But if Prince died without that much cash on hand, many of his non-cash assets will have to be sold off to pay the bill, Peterson said
“If we do not, the government will not wait,” Peterson told the judge presiding over the case, according to NBC. “They will have a fire sale, and that is not in the best interests of anyone.”
The so-called fire sale could mean the thousands of unreleased songs in his vault; his guitars; rights to his image and music and perhaps his home recording studio Paisley Park in Minnesota would be on the table.
Prince is believed not to have left a will when he died April 21 at age 57 of opioid toxicity.
Per NBC News:
Patrick Cousins, a lawyer representing Carlin Williams, who’s claimed from his Colorado prison cell that he’s Prince’s secret son, urged Eide to order Bremer Trust to “hold down and stand down” on any arrangements until the question of Prince’s heir or heirs is settled.
That could be as early as June 27, when a full probate hearing is scheduled. In the meantime, Cousins said, “taxes should not drive these business decisions.”
Matthew Shea, a lawyer representing Prince’s sister, Tyka Nelson, agreed with Bremer Trust, however, telling Eide the company has a fiduciary responsibility to go ahead and make critical decisions in the best interests of the estate.
Meanwhile, a lawyer for Prince’s half-siblings — Norrine, Sharon and John — split the difference, asking Eide to give all of the would-be heirs five days to review any contracts Bremer Trust wants to sign.
Eide told the lawyers to submit their arguments by noon Wednesday and said he’d issue an order Thursday morning.
In addition to Tyka Nelson, Williams and the half-siblings, there are assorted nieces and nephews and a man named Norman Yates Carthens of Barnwell, South Carolina — who also claims to be Prince’s previously unknown son — who’ve staked claims to the money.
Eide ruled Monday that anyone else who wants to throw a hat in the ring must do so by Friday.