Prince’s vast financial estate has finally been settled by a Minnesota judge more than six years after the death of the iconic rock star.
According to Billboard, the agreement means that $6 million in cash and a music catalog valued at more than $150 million will be split between three heirs, their families, their advisers, and Primary Wave—a private music publishing and talent management company.
Three of his six half-siblings sold all or most of their shares of the estate to Primary Wave. The three others retained their stakes and have been advised for nearly a decade with attorneys L. Londell McMillan and Charles Spicer who also control an undisclosed stake as a company called Prince Legacy LLC.
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” Primary Wave told Billboard in a statement. “When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince’s incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship.”
In their own statement, McMillan said that he and his partners were “relieved and thrilled to finally be done with the Probate Court system and bankers who do not know the music business and did not know Prince” and were looking forward to “implementing things the way Prince did.”
“I represented Prince for over 13 years and we led with innovation to reform the music industry – we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisly Park events, branded products and more,” McMillan said in an email. “It is a historical and very exciting time. Prince is almost free to rest now…”
The iconic rap star died on April 21, 2006 from an accidental overdose of fentanyl.