The Internal Revenue Service and the estate’s administrator agree to value pop icon Prince's estate at $156.4 million, a figure that the artist's heirs have also accepted
Singer Prince performs in a surprise appearance on the"American Idol" television show finale at the Kodak Theater in Hollywood, California, on May 24, 2006.
The valuation dwarfs Comerica's earlier $82.3 million appraisal. The Internal Revenue Service in 2020 had valued the estate at $163.2 million.Since then, lawyers and consultants have been paid tens of millions of dollars to administer his estate and come up with a plan for its distribution. “It has been a long six years,” L. Londell McMillan, an attorney for three of Prince’s siblings, said at a hearing on Friday in Carver County District Court.In the end, the estate will be almost evenly divided between a well-funded New York music company — Primary Wave — and the three oldest of the music icon’s six heirs or their families.
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