Prince’s Estate Valued at $156.4 Million

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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.

Jay-Z and Kanye West Among 2021's Highest Paid Musicians

Photo credit: Tyler Cummings 

When former constant collaborators Jay-Z and Kanye West reunited for the first time in five years in 2021 for Ye’s album “Donda,” it would have been hard to imagine the dynamic duo having their names attached to a more impressive feat at the end of the year.

Jay-Z’s verse on “Jail” ended years of semi-public and subtle feuding between the mentor and his former protégée and generated excitement that they might resume their creative relationship, which contributed to many of the artists' biggest hits as well as the quintuple platinum album “Watch the Throne.” 

The 2011 joint project topped the Billboard charts in 12 countries and was the catalyst behind the highest-grossing hip-hop concert tour in history.

The reunion between the Businessman and the Bipolar Billionaire has been overshadowed, however, by the latest report from Rolling Stone. The seminal music publication counted Jay-Z and West among 2021’s top-earning musicians.

In a list compiled by Zach O’Malley Greenburg, the two were the only Black faces on the very white and very male list. Jay-Z took the No. 2 spot with $470 million in earnings and West was fourth with $250 million.

Their high rankings were made more impressive by the fact that the rappers, along with West’s one-time nemesis Taylor Swift (No. 10 with $80 million), were the only ones to make the cut without selling the rights to their musical catalogs.

For, example, Bruce Springsteen, who topped the list, earned $590 million. He sold his publishing copyrights and master recordings to Sony in December for $550 million in a record-setting deal for a solo musician’s catalog.

“These are almost like pieces of art — there’s a finite number of real, super-high-quality hit songs from the past — and there’s this sort of all-out grab to own those rights,” Josh Gruss, CEO of Round Hill Music, which has dropped $1.3 billion on music copyrights in the last 10 years, told Rolling Stone. “It’s a very steady stream of revenue that’s there, and that makes it very attractive for investment.”

Jay-Z and West both had significant earnings outside of music.

The sale of half of his Armand de Brignac champagne to LVMH for $300 million and a portion of Tidal to Square contributed heavily to Jay-Z’s ranking, while West, who also profited from the release of “Donda,” earned most of his green from his Yeezy footwear brand as well as a collaboration with The Gap.

The remainder of the Top 10, according to Rolling Stone, included Blake Shelton (No. 9, $83 million), Mötley Crüe (No. 8 $95 million), Lindsey Buckingham (No. 7, $100 million), Red Hot Chili Peppers (No. 6 $140 million), Ryan Tedder (No. 5, $200 million) and Paul Simon (No. 3, $260 million).

Check out the full report here. 

Lionel Richie to Receive Gershwin Prize for Pop Music

There’s going to be a celebration for Lionel Richie, and it may just last all night long.

Today the Library of Congress announced that Richie will receive the national library’s Gershwin Prize for Popular Song.

The artist, who has sold more than 125 million albums worldwide, will be honored with an all-star tribute concert in Washington, D.C., on March 9, which will be broadcast nationally on PBS stations May 17.

“This is truly an honor of a lifetime, and I am so grateful to be receiving the Gershwin Prize for Popular Song,” Richie said in a statement. “I am proud to be joining all the other previous artists, who I also admire and am a fan of their music.”

Bestowed in recognition of the legendary songwriting team of George and Ira Gershwin, the Gershwin Prize recognizes a living musical artist’s lifetime achievement in promoting the genre of song as a vehicle of entertainment, information, inspiration and cultural understanding. The honoree is selected by the Librarian of Congress in consultation with a board of scholars, producers, performers, songwriters and other music specialists.

In receiving the award, Richie joins an exclusive club. Previous recipients include Paul Simon, Stevie Wonder, Sir Paul McCartney, Billy Joel, Willie Nelson, Smokey Robinson, Tony Bennett, Gloria Estefan and Garth Brooks.

“In so many ways, this national honor was made for Lionel Richie whose music has entertained and inspired us — and helped strengthen our global connections,” said Librarian of Congress Carla Hayden of why he was chosen for the award. “Lionel Richie’s unforgettable work has shown us that music can bring us together. Even when we face problems and disagree on issues, songs can show us what we have in common.”

Richie, whose hits include chart-toppers “Endless Love,” “Lady,” “Truly,” “All Night Long,” “Penny Lover,” “Stuck on You,” “Hello,” “Say You, Say Me,” “Dancing on the Ceiling,” at one point in his career wrote No. 1 songs for 11 consecutive years. He also co-wrote the iconic charity tribute “We Are the World,” for USA for Africa.

For his work he has earned an Oscar, a Golden Globe and four Grammy Awards. Richie has also worked to further the career of other musicians, working as a mentor to artists and as a judge on ABC’s “American Idol” for the past four seasons.