Prince's Sister Sold A Percentage Of His Estate Amid Financial Woes

US singer Prince performs on October 11, 2009 at the Grand Palais in Paris. Prince has decided to give two extra concerts at the Grand Palais titled "All Day/All Night" after he discovered the exhibition hall during Karl Lagerfeld's Chanel fashion show. AFP PHOTO BERTRAND GUAY (Photo credit should read BERTRAND GUAY/AFP via Getty Images)

Prince's Sister Sold A Percentage Of His Estate Amid Financial Woes

court documents obtained by The Blast, Tyka Nelson has reportedly signed away a portion of her share in his estate to a private equity fund.

Published December 6th

Written by Danielle Ransom

Amid the ensuing legal issues surrounding Prince’s estate, the music legend’s sister, Tyka Nelson, has reportedly signed away a portion of her share in her late brother’s estate.

  1. At the time of his passing, Prince did not have a will in place, which left his estate in complicated state of affairs, according to USA Today. Prince’s estate was ultimately split six ways between between his siblings, sister Tyka Nelson, and half-siblings Sharon Nelson, Norrine Nelson, John Nelson, Alfred Jackson and Omarr Baker, who reportedly tried to wrestle more control of their late brother’s estate from its court-appointed administrator, Comerica Bank & Trust, who has been handling business deals on behalf of the estate for the past three years, according to a previous report from The Blast.

     

  2. On Monday (Dec. 3), The Blast reported that they had obtained court documents filed by Tyka that confirmed she had sold some of the estate to a private equity fund, Primary Wave.

  3. “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,” Nelson stated in court documents obtained by the website.

     

  4. The company had reportedly requested to keep their acquisition under wraps but the cat is out of the bag. According to the outlet, Nelson also requested for Primary Wave be involved in “all matters” regarding the estate, which will presumably give the third party a say in the business dealings of the estate going forward.

    The Blast’s latest report further noted that Tyka allegedly owes more than $850,000 in legal fees to three separate law firms that previously did some legal work for the estate. Thus, it will be interesting to see how this new development shakes out.

     

(Photo: BERTRAND GUAY/AFP via Getty Images)

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