Prince’s heirs are reportedly upset over the amount of money being spent by the singer’s estate – as high as $600,000 per month – and that there won’t be any cash left over for their inheritance.
Sources tell TMZ the heirs are baffled as to why it costs so much for Comerica Bank to manage the late artist’s estate.
Its monthly fee alone is $125,000, according to docs. Comerica also hired the law firm Fredrikson & Byron P.A. to rep the estate in court (i.e. Prince’s label suing Roc Nation), supervise and coordinate with accountants and advise on tax-related issues. Last November alone, the law firm billed more than $440,000 in fees and expenses.
On top of that, F&B then hired other attorneys to deal with trademarks, overseas litigation and services on deal proposals, among other things.
Comerica, TMZ reports, has taken the step to break down its spending costs in more than 600 pages of invoices, detailing exactly where the money’s going and why it costs so much to manage the estate, which is reportedly worth around $250 million.
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