Prince’s sister has been paid millions for a portion of her stake in the late singer’s estate, and the company who purchased it also owns a portion of Whitney Houston’s estate.
According to new legal documents, obtained by The Blast, the company which purchased the portion of Prince’s estate from Prince’s sister Tyka, is asking the court to give it equal footing in the Minnesota estate case.
The company says it paid “millions” to purchase this portion of Prince’s estate.
The filing states, “Primary Wave Music has acquired a substantial ownership interest in the Prince Estate. It is not a mere creditor or party with a tangential interest. Having invested millions to acquire an interest in the estate, Primary Wave stands in the shoes of the heirs from whom it acquired its interest, and there is no legal basis to distinguish between the interest of Primary Wave and interest of any heir.”
They continued, “Once it purchased a portion of Tyka Nelson’s vest interest in the estate, Primary Wave’s standing relative to the estate administration proceedings became legally indistinguishable from that of the other vested heirs.”
The company claims along with its purchase of the asset, it wants to be involved in decisions made by the estate regarding the music. Tyka has told the court she has turned over power-of-attorney to the company.
PW is also in discussions to purchase Alfred Jackson’s portion of Prince’s estate.
In the documents, the company says, “Primary Wave made its substantial investment to acquire an interest in the estate with the goal of adding value by offering its industry expertise to assist Comerica and the heirs in bring these proceedings to a prompt and efficient resolution. In addition to this estate, Primary Wave has purchased assets from the estates of Whitney Houston, Glenn Gould, and Count Basie.”
The company says with respect to the three other estates they have had no issues with anyone involved.
In fact, they claim, “Primary Wave’s participation in the estate caused no disruption or problems in the estate administration. On the contrary, Primary Waves’ involvement with these estates has provided real value through marketing, digital strategy, and branding, and to this day Primary Wave maintains excellent relationships with the estates and families.”
It was reported today, the Library of Congress National Film Registry added Prince’s Purple Rain to its catalog. According to the L.A. Times, Spike Lee’s “She’s Gotta Have It” and Disney’s “Sleeping Beauty” also were added.
As we reported, Tyka filed documents in the estate telling the court she has sold part of her ownership in the Prince estate.
“I know that I am selling a portion of my one-sixth (1/6th) share of the Estate and am entering into this transaction willingly and with an understanding of the nature of the transaction. I wish to sell my portion of my one-sixth (7 / 6th) share of the Estate in order to realize some value from the Estate before the completion of the Estate administration,” she told the court.
