The battle over Prince’s $156 million estate has finally come to an end six years after the music legend’s death.
A Minnesota state judge on Monday divided the money, music rights and other assets owned by the late icon equally between two holding companies: Prince Legacy LLC, controlled by a group of three half-brothers and their advisors; and Prince Oat Holdings LLC, controlled by music publishing company Primary Wave, which acquired its share of the estate from three other half-siblings, according to People.
Prince, who died of a fentanyl overdose in 2016, had no will and his half-siblings were named legal heirs due to his lack of children and spouse, according to Billboard.
L. Londell McMillan, one of two advisers who control an “undisclosed stake” in the field and are associated with Prince Legacy LLC, suggested the settlement will open the door to a wave of Prince-branded businesses, including at his famous Paisley Park home. outside of Minneapolis.
“I’ve represented Prince for over 13 years and we’ve been innovating to reform the music industry – we hope to do the same with its incredible assets and catalog, music, film content, exhibits, merchandise. , Paisley Park [sic] events, branded merchandise and more,” McMillan told Billboard in an email. “It’s a historic and very exciting time. Prince is almost free to rest now.
Prince maintained tight control over his music and image during his lifetime.
Primary Wave said in a statement to Billboard that the company is “extremely pleased” that the domain closure “has now been finalized.”
“Prince was an iconic superstar and this transfer out of court jurisdiction sets in motion professional and capable management,” a publisher representative said.
“When we announced our acquisition of the additional future interests in the area last year, increasing our ownership to 50%, our goal was to protect and grow Prince’s incomparable legacy,” Primary Wave said. “With the distribution of the real estate assets, we look forward to a strong and productive working relationship.”
This story has been updated to clarify the relationship between Prince’s siblings and a holding company.