- One of the world’s best-selling artists through a career spanning over 40 years.
- Born in Minneapolis in the state of Minnesota in the USA.
- Among his most famous songs are “When Doves Cry”, “Lets Go Crazy”, “Purple Rain”, “Kiss” and “Raspberry Beret”.
- Was during his career in several disputes with record companies and distributors, whom he constantly accused of exploiting talents and compared to slave drivers.
- Death as a result of an accidental overdose of painkillers.
–
Valued at 156.4 million dollars
One of the central questions that had to be answered for the inheritance to be distributed was: What is Prince’s music worth?
It is difficult to answer – and one of the reasons why it has taken so long to distribute the inheritance.
A bank was hired by the court to provide an independent assessment. But US tax authorities also interfered in the matter and came up with a much higher valuation.
A higher valuation would mean a larger share in tax on the inheritance.
In January this year, the parties finally agreed that Prince’s estate was worth 156.4 million dollars, well NOK 1.5 billion at today’s exchange rate.
The sum is mainly linked to the value of Prince’s music catalogue, but the heirs also share 5.6 million dollars in cash, 54.4 million kroner at today’s exchange rate.
–
CELEBRATED: When Prince died in 2016, he was honored around the world. Here, Madonna performs “Nothing Compares 2 U” during Billboard’s award ceremony in the same year. Photo: MARIO ANZUONI / Reuters
Manage the music together
From now on, Prince’s music will be managed as a collaboration between two limited companies.
During the court proceedings, three of the heirs have sold their share of the inheritance on to Primary Wave, a company that specializes in buying up music catalogues. One of these heirs died in 2019.
The remaining sister, half-brother and a foundation for the half-brother who died in 2021 have created a separate company, Prince Legacy.
–
LONG CAREER: Prince during a concert in Copenhagen in the 80s. Photo: Göran Strandberg / TT
The protracted inheritance settlement has cost an unknown number of millions which have gone to legal fees and other officials.
The sums are redacted in the court documents, but the commercial bank that has managed the process has been allowed to keep around NOK 30 million in reserve just to pay remaining expenses in connection with closing the estate.
The heirs express relief that the case is now over, while one of their lawyers criticizes the lengthy process to the TV channel CBS.
– We are finally free, thank God almighty, we are free. It has been a long, long exhausting six years, says Sharon Nelson, Prince’s half-sister, to the TV channel CBS.
She goes on to say that the plan is now to return Prince’s original recordings, so-called master tapes, to Paisley Park, which served as Prince’s residence, music studio and a kind of museum.
– We will release his original music, says Nelson further to CBS.
–
HOME: Paisley Park i was Prince’s residence, but also a music studio and a museum of Prince’s career. Photo: Thomas Nilsson / VG
Record producer and publisher Christer Falck (52) has written a book about Prince together with Petter Aagaard. He says the inheritance settlement has “finally been sorted out” and is now hoping for new music from the late artist.
– As long as there is money in you, it will not be left untouched. 100 years after Mozart, everyone wanted to read his letters. This is the same, says Falck.
–
FAN: Record producer and publisher Christer Falck. In the background can be seen the symbol of Prince, known as the love symbol. Photo: Odin Jæger / VG
Prince is not the only artist with a long and complicated legacy settlement. When the “godfather of soul”, James Brown, died in 2006, it took 15 years for the inheritance settlement to be settled, according to New York Times.
It also ended up with Primary Wave managing his music.
The inheritance settlement of the “queen of soul”, Aretha Franklin, who died in 2018, is still ongoing.
–
The legacy of James Brown (center) took fifteen years to distribute. Inheritance settlements for artists are often difficult to distribute, because it can be difficult to value intangible assets such as music. On the left is Rick James (1948–2004) and on the right is Bootsy Collins. Photo: KEVORK DJANSEZIAN / Ap
The music catalogs of aging or dead artists have become a sought-after investment object in recent years.
Bob Dylan, Neil Young, Whitney Houston and the Beach Boys are among bands and artists who have either sold copyright or master rights to their music in recent years.
Do you remember? Not many artist deaths have prompted a Norwegian prime minister to call a press conference. But when Prince died, then Prime Minister Erna Solberg gathered the press to say that he was her favorite artist.
–
Related
