There’s no question that deceased singer/songwriter Prince earned truckloads of cash throughout his career.
However, the music legend’s family claims they haven’t received a penny of his leftover fortune, and it’s been four years since his death from a drug overdose in 2016.
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According to official documents, Prince arranged for his immediate family to be given a portion of his estate in the event of his demise.
This obviously means they’re owed compensation, so what’s getting in the way?
As The Blast first reported, Prince’s siblings, Sharon, Norrine and John Nelson, recently filed a petition for compensations in the estate.
Prince’s heirs claim they have not been paid a dime from the estate despite lawyers and advisors being paid out millions. Prince left his estate behind to be distributed by his six siblings.
In the petition, the three family members accuse Comerica Bank of mismanaging the estate and leaving them out of important matters. Comerica has previously denied the accusations and claimed to be doing their best with the family members.
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Comerica Bank, who is the personal representative of Prince’s estate, is responding to his heirs pleading for money.
Comerica Bank is asking the court to deny Prince’s heirs’ petition for compensation, where they claim to have not seen a dollar from the estate since the singer’s death.
In the response, Comerica says if they were forced to pay out money to the heirs, they would have to sell off an asset of the estate. They point out an issue with the IRS they have to deal with before paying out money.
Comerica says the heirs have been fully aware of the issues with the IRS, which include the Internal Revenue Service believing the estate is being undervalued on paper.
The estate says, “And while the Personal Representative is sympathetic to the financial situation of the Nelsons, the Nelsons have refused to take advantage of opportunities to participate in consulting opportunities arranged for them by the Personal Representative in connection with Paisley Park and entertainment transactions.”
Comerica is asking the court to shut down Prince’s heirs and allow them to deal with the estate issues.
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