Prince and everything in its orbit at the time of its death is worth a pretty – at least according to Uncle Sam, who finally set a price… and it’s in the 9 figures.
The IRS has come to terms with the administrator of Prince’s estate, Comerica Bank & Trust, after years of wrestling over the exact value of the late artist’s assets…and the figure they all landed on amounted to $156.4 million – – by the Tribute to the Stars of Minneapolis.
This number is one that Prince’s heirs – surviving siblings and/or their families – have also agreed to, BTW… and not only that, but the Minnesota Department of Revenue has also signed off.
Of course, $156 million is far more than Comerica originally estimated the estate was worth…only $82.3 million, which the IRS fiercely pushed back in court – as they argued that the price should be north of $160 million, a figure that would have made the taxes owed to them in the balloon distribution into the tens of millions.
In the end… it seems the IRS was more right than wrong about its numbers, at least on the face of it. And, indeed, the taxes that the estate will have to pay will be significant.
That said, Comerica reportedly filed papers last week acknowledging the settlement was “fair and reasonable,” but also insisted they would have prevailed at a potential trial had the family wanted to press the issue… but it looks like they wanted it over and done with.
As part of the settlement, the IRS dropped its claim for a $6.4 million precision penalty. Now, once the taxes are paid, the rest of the dough can be divided among the other parties of interest…thus ending a long and winding saga.
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