Six years after Prince's death, the star's legacy is finally complete.
A judge in Minnesota has indeed settled the final details of the estate of the interpreter of
Purple Rain
.
It must be said that the artist's family had difficulty agreeing on the sharing of the 156 million dollars, which is divided between three heirs, their advisers, and the management company Primary Wave.
When Prince died in 2016, at the age of 57, without a will or a spouse, the justice system had to get involved.
Three of the six half-siblings chose to sell their share to the management fund Primary Wave, while the other three, along with their advisers L. Londell McMillan and Charles Spicer, kept what was theirs.
long-term work
The intricate details of such a large split took years of negotiations between the two parties, but in January the US tax authorities and the star's estate agreed to value the inheritance at $156 million.
Since then, both sides have been working to put in place the legal structure that would govern the use of the legendary artist's music.
Two companies were created for this purpose: Prince Legacy LLC (owned by the 3 heirs of the star who did not sell their shares) and Prince Oat Holdings LLC (owned by Primary Wave).
"We're relieved and thrilled to finally be done with the probate court system and the bankers who don't know the music business and didn't know Prince," L. Londell McMillan told Billboard.
For its part, Primary Wave was enthusiastic about finally being able to do business.
“When we announced our acquisition of part of the estate last year, increasing our ownership to 50%, our goal was to protect and grow Prince's incomparable legacy.
With the distribution of estate assets, we look forward to building a strong and productive working relationship,” they announced.
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