The battle for Prince’s $156 million estate has finally come to an end six years after the music legend’s death.
A Minnesota state judge Monday distributed cash, music rights and other assets belonging to the deceased icon equally between two holding companies: Prince Legacy LLC, controlled by a group of three half-siblings and their advisers, and Prince Oat Holdings LLC, controlled by three other half-siblings and music publishing house Primary Wave, according to People.
Prince, who died of a fentanyl overdose in 2016, had not written a will and his half-siblings were named legal heirs due to his lack of children and a husband, Billboard said.
L. Londell McMillan, one of two advisers managing an “undisclosed interest” in the estate and partnering with Prince Legacy LLC, suggested the settlement will open the door for a wave of Prince businesses, including in his famous home. at Paisley Park outside Minneapolis.
“I represented Prince for over 13 years and we have led with innovation to reshape the music industry – we hope to do the same with his great assets and catalog, from his music, film content, exhibits, merchandise, Paisly Park [sic] events, branded products and more,” McMillan told Billboard in an email. “It is a historic and very exciting time. Prince is now almost free to rest.”
Prince famously maintained control over his music and image throughout his lifetime.
Primary Wave said in a statement to Billboard that the company was “extremely pleased” that the estate’s closure “has now been completed.”
“Prince was an iconic superstar and this transfer outside the court’s jurisdiction ensures professional, competent management,” said a representative for the publisher.
“When we announced our acquisition of the additional anticipated stake in the estate last year, bringing our ownership stake to 50%, our aim was to protect and grow Prince’s incomparable legacy,” Primary Wave said. “With the division of real estate, we look forward to a strong and productive working relationship.”