Since the untimely death of the virtuoso, Prince R. Nelson in April of 2016, there has been a lot of controversy over the money that he’s left behind. Being that there was no will in place, things are again getting a bit messy.
The Internal Revenue Service alleges that executors from Prince’s estate undervalued it by $80 million, reporting only 50% of it’s worth. With no regard to the $82.3 million valuation submitted by the estate’s administrators , Comerica Bank and Trust, the IRS says it has concluded that the estate is worth well over $160 million.
According to court documents the discrepancy with the estate is centered around Prince’s recording and publishing interest. Though this was shown, the federal tax company says it is still owed $32.4 million and is seeking an additional $6.4 million as an “accuracy-related penalty” , reports CBS News
The Minneapolis bank and it’s lawyers are adamant that their valuations are accurate and believes the IRS’ calculations are filled with errors. As a result Comerica sued the revenue services in Tax Court during the 2020 Summer.
Estate planning expert Dennis Patrick says, “What we have here is a classic battle of the experts , the estate’s experts and the IRS’ experts.” In regards to the estate, Comerica bank has asked for a trial to be held by the tax court in St. Paul, a decision Prince’s six sibling heirs may not be pleased about. Since the Rockstar’s passing it has been reported that the siblings has shelled out millions for consultants and lawyers, a trial would only generate more legal fees and delay the settlement they’ve been eagerly pushing for.