Prince Estate Team Offers to Lower Their Fee Citing Better Relationship With His Family
By TheBlast Staff on February 20, 2019 at 12:37 AM EST
The representatives for the estate of Prince are doing something that has perhaps NEVER been done in the history of the entertainment business — they are asking for LESS MONEY to do their jobs — and they say one reason why is they are getting along with his family.
According to court documents obtained by The Blast, Comerica Bank & Trust filed a petition and proposed order regarding their fees and costs for the upcoming year.
Comerica states that they are "willing to reduce its provisional fee rate from $125,000 to $110,000 per month."
As they enter their third year of service for the estate, they claim they can attribute the reduction in their fee to three things:
They claim they can now work "more effectively and efficiently" within the estate.
Over the past two years, they've acquired considerable knowledge about the needs of the estate and Prince's heirs.
A decrease in litigation filed by the heirs in recent months.
The estate team also claims they have gotten better with the "individual personalities and preferences in communications with the Heirs."
Comerica does claim that administering the estate remains a complex matter that requires them to "devote significant time and resources" to but they claim their fee is still less than if they billed the estate using their standard fee schedule.
They are asking a judge to sign off on their request, which would run through January 31, 2020.
A judge has yet to rule.
