Prince‘s heirs are fighting to take more control of the late musician’s estate, taking issue with the lawyers in charge for spending over $45 million and pocketing $10 million in legal fees alone.
Comerica Bank & Trust was put in place by the court in 2017 to administer the estate. Since they have started, they have butted heads with Prince’s brothers and sisters on many issues.
According to newly filed court documents, Prince’s siblings are trying to take more control over the estate’s matters and have filed a petition to limit Comerica’s powers.
In their petition, the heirs take issue with the estate still owing $31 million in unpaid taxes that continue to grow with interest. They also claim Comerica has spent $45 million on probate-related administrative expenses, including over $10 million paid to Comerica itself.
They also don’t agree with certain cash flow projections and accounting or inventory of Prince’s assets. They are asking for Comerica to not handle any future projects and to wrap up their current business.
The estate counters by saying, “The heirs are understandably frustrated that, three years after their brother’s death, the Estate is not ready to be closed. But the fact remains that until the Estate resolves its tax liability with the IRS and MNDOR (Minnesota state taxes), neither the court nor Comerica can close the Estate or make a distribution of assets to the Heirs.”
Comerica says the heirs have no evidence to back up their claims against them. They argue since joining on, they have tried to work with all of the heirs, but claim they can’t come to their own agreement as a united front.
In their response, Comerica also points to several instances within the last six months where they have assisted the heirs in various estate matters. They say they modified a television commercial for the NCAA Final Four at their request, moved the urn containing Prince’s remains from public view, handled his merchandise deals and agreed to let the heirs use Paisley Park for a proposed concert for free.
Comerica is demanding the court deny the petition and not limit their power, saying it will hinder their ability to finalize deals and close the estate.