Prince’s Family Shut Down in Attempt to Gain Control of Late Singer's Estate
By TheBlast Staff on April 25, 2019 at 1:18 AM EDT
Prince’s family was scolded by a judge in their attempt to take power away from the administrator of the late singer’s estate.
According to court documents obtained by The Blast, a Minnesota judge denied Prince’s heirs attempt to take more control, despite their claim millions were being wasted.
The heirs recently took issue with $45 million being spent on estate costs by the administrator, Comerica Bank, including $10 million to the administrators in legal fees.
The judge said the heirs did not provide enough evidence to back up their claims. He noted their concerns but says their continued attempts to remove Comerica Bank only rack up more costs.
The order states, “Comerica requires the broad authority to administer the Estate that has been granted to them and is allowed by statute. To limit their powers would create a vacuum of uncertainty as to whom would have the authority to represent the Estate in certain matters. Specifically, restricting the authority of the Personal Representative to enter into an agreement for a period longer than one year may result in the loss of entertainment deal opportunities which are necessary to raise needed funds to pay estate taxes and lead to the distribution of funds to the Heirs.”
The judge did appoint a mediator to help the communications between Comerica and the heirs. He wants all parties to work closely on the plans for Prince’s future distribution, including the inventory of from his secret vault of treasures.
Comerica Bank & Trust was put in place by the court in 2017 to administer Prince's estate. Since they took control, they have butted heads with Prince’s brothers and sisters on many issues.
In their recent petition, the heirs took issue with the estate still owing $31 million in unpaid taxes that continue to grow with interest.
They also had issues with accounting and inventory and wanted Comerica to be removed from any future projects and to wrap up their current business. The estate asked for the petition to be dismissed claiming they had done nothing wrong and were trying to work with their heirs.
