Prince’s sister Tyka Nelson has sold off a chunk of his estate, amid her ongoing financial woes.
According to court documents obtained by The Blast, the late singer’s sister has informed the court she has sold a portion of her one-sixth share of Prince’s estate.
She explains, “I am one of the six (6) non-excluded heirs in these probate proceedings (the
“Estate”). I have the opportunity to consult with separate legal counsel and financial advisors and have been fully advised by my legal counsel and financial advisors of the rights I enjoy as an heir to the Estate and the legal, financial, and personal implications of entering into the Expectancy Interest Transfer Agreement.
Further, “I am aware of the terms of the Expectancy Interest Transfer Agreement. 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.
Tyka sold her the interest to a third party company Primary Wave IP Fund. She wants the company to be involved in “all matters related to the Estate” now that they have an interest.
Primary Wave filed documents requesting the terms of the sale be kept sealed. They want to be sealed, “confidential information relating to Primary Wave’s transaction with an heir, Tyka Nelson (“Ms. Nelson”), whereby Ms. Nelson agreed to transfer a portion of her one- sixth (1/6th) interest in the estate of Prince Rogers Nelson (“the Estate”) to Primary Wave through an Expectancy Interest Transfer Agreement.
Tyka’s sale of Prince’s estate comes amid growing financial woes. Back in March, Tyka was ordered to pay up on $850,000 owed to lawyers who worked on her late brother’s estate.
The judge found she owed money to three separate law firms. She owed the firm Gray, Plant, Mooty, Mooty & Bennett $116,652.11 for work done in 2016.Holland & Knight is owed $717,254.37 for months of work. Another firm Barnes & Thornburg was owed $21,816.59. The money was to be collected from any money paid out to her from the estate.
Back in October, another law firm accused Tyka of owing them money. The law firm Cozen O’Connor, claimed they are owed over $100,000 in legal fees for representing Prince’s sister.
The law firms said it “intends to hold alien upon Tyka Nelson’s interest in the Estate of Prince Rogers Nelson, including any right to receive payments, property, proceeds, money or value of any kind, for agreed compensation for such services as were rendered by CozenO’Connor respecting Tyka Nelson’s interest in the Estate.”
The family recently was shut down in their attempt to gain more control of the estate.