Monday, January 17, 2022

Prince’s Estate Valued at $156.4 Million

In the 1980s, the rivalry between Michael Jackson and Prince was legendary as they both vied for the pop music throne.

At one point, things got so heated between The Purple One and the King of Pop that Prince tried to run over Jackson and some family members in his limo, according to music icon Quincy Jones.

“He waited in the limousine to try and run over him and [Jackson’s sister] La Toya and his mother,” the renowned producer told GQ in 2018, noting that things spiraled out of control between the two when Prince threatened to kill Jackson following an embarrassing exit by His Royal Badness from a James Brown concert (see video below).

So, it is fair to say that Prince — who bullied, mocked and belittled Jackson throughout their feud — might have taken some perverse pleasure from this past Friday’s news.

The Minneapolis Star Tribune reported that after nearly six years of legal battles, parties to Prince's estate have finally agreed on its value: $156.4 million. The new total dwarfs the initial appraisal of $82.3 million by the estate’s administrator, Comerica Bank & Trust.

More importantly for Prince purists, fans of one-upmanship and those who got a kick out of the back-and-forth nature of the sometimes-friendly struggle for superiority from the duo, it exceeds the adjusted value of Jackson’s estate.

After his death in 2009, the IRS appraised Jackson’s wealth at $1.1 billion before adjusting that figure to $482 million. That lofty number wouldn’t last long, however, as a U.S. Tax Court judge finally settled the matter, valuing Jackson's estate at $111 million last spring.

The settlement means that the process of distributing the musician's, who died of a fentanyl overdose in 2016, wealth could begin in February. The estate will be almost evenly divided between Primary Wave, a well-funded New York music company, and the three oldest of Prince's six heirs or their families.

In all seriousness, it is a hollow victory. Author and friend Tavis Smiley told Extra Jackson’s death hit Prince hard:

I've never said it publicly… when the news came that Michael had died, Prince was in rehearsal at Paisley Park… Prince cancels rehearsals, sent the band home, and for days locked himself in his bedroom and wouldn't come out and really didn't talk to people.

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