Monday, January 9, 2017

Prince Hoarded Cash, Had $25M Invested In Property

An inventory of Prince’s estate submitted to the probate court in Carver County this week shows the indefatigable musician had acquired tens of millions of dollars in real estate and other personal property at the time of his death last year, reports The Star-Tribune.

But much of the value of his estate — include the storied unreleased recordings and videos from his vault — has not yet been established, according to a file released Friday by the Carver County District Court.

Prince died April 21 of an accidental overdose of the painkiller fentanyl, leaving no will. His estate has been valued between $100 million and $300 million before taxes. An asset inventory compiled by Bremer Trust estimated oroperty value total value of $25.4 million.

The inventory also lists about $110,000 in four bank accounts, unclaimed property, capital credits and cash, plus 67 10-ounce gold bars valued at nearly $840,000.

Prince’s companies, Paisley Park Enterprises Inc., NPG Records Inc., NPG Music Publishing and LotusFlow3r had more than $6 million in cash on hand at the time of his death.

NPG Records has an estimated $6.8 million in arbitration receivable.

There also are plenty of items that haven’t been assigned a value yet, including musical instruments, his jewelry collection, household furnishings, a 2006 Bentley and the iconic “Purple Rain” and “Graffiti Bridge” motorcycles.

Also unclear is the value of Prince’s trademarks and copyrights.

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