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If you take a look at Prince’s career, it’s a known fact that the words “Purple Rain” was a pivotal moment in his impact across industries. As previously reported by AfroTech, it’s the name of the music legend’s best-selling album. The phrase “Purple Rain” is also tied to his film debut in 1984, which went on to receive an Academy Award for “Best Original Song Score” and a Grammy for “ Best Album of Original Score Written for a Motion Picture or Television Special .” Prince’s influence is clear, which is why his estate recently won a trademark lawsuit.
Six years after the passing of the legendary musician Prince, a ruling has ended the battle over his estate. Since Prince had no will, children, or spouse, this placed six half-siblings as his legal heirs and catalyzed the probate process in court to divide Prince’s estate. In January, there was progress as the heirs closed a deal with the Internal Revenue Service marking the tax valuation of the estate to $156 million, according to Billboard. One month later, the judge recommended turning Prince’s holdings into limited liability companies (LLCs). The move decreased the estate’s tax exposure and solidified a management plan for how the parties involved could collaborate to administer music and other jointly-held assets. Three of Prince’s half-siblings, Tyka Nelson, Omarr Baker, and Alfred Jackson, sold all or most of their shares of the estate to Prince Oat Holdings LLC (Primary Wave). The remaining three reportedly retained their stakes and partnered with advisors L. Londell...
In 2016, the world lost an icon through singer and songwriter Prince Rogers Nelson. Now, Complex reports that an agreement on the value and administrator of his estate has been made about six years following the untimely passing of the superstar. A decision on the estate’s value was made by the Internal Revenue Service (IRS) and Comerica Bank & Trust due to the fact that there was no will left behind by the singer. The Minneapolis native’s estate is valued at $156.4 million and will now be evenly distributed among music company, Primary Wave, and the late singer’s three oldest heirs.