Prince’s sister said on Tuesday the pop icon left no known will behind, and asked a court to appoint a special administrator to oversee his vast estate.
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Tyka Nelson has filed documents at the Carver County District Court in Minnesota where she declares no knowledge of “the existence of a will” or any other next of kin.
Prince’s sister asked for the bank to be appointed, saying it dealt with the singer’s affairs for years.
Celebrity Net Worth, a website that looks at the finances of famous people, said that Prince was worth US$300 million (RM1.17 billion), although estimates range widely.
Prince was found dead April 21 at his Paisley Park estate, outside of Minneapolis. The fourth in line would be siblings of which there is one full sister, Tyka, and five living half-siblings. Furthermore, while the copyright for many songs may expire within the next 50 years, the royalties to be collected from Prince’s trademarks could continue indefinitely.
Michael Kosnitzky, a New York- and Miami-based attorney who advises the extremely wealthy, said he was surprised Prince had died without a will, given the artist’s tendency to control his image, likeness, name and recordings.
But what remained in Prince’s hands is less than the sum of ticket and album sales, given payments to record labels, staff and to cover other expenses. Prince owned dozens of properties in and around the complex, the Associated Press has reported. Prince is also survived by half siblings John Nelson, Norrine Nelson, Sharon Nelson, Alfred Jackson and Omar Baker, who in addition to Tyka Nelson, are named as heirs in the petition.
The value of his music catalog has been estimated at about US$500 million.
Prince passed away suddenly on April 22 (AEST) in his Paisley Park estate in Minnesota.
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The most popular albums bought in the wake of Prince’s death were the greatest hits compilation “The Very Best of Prince, ‘ his multi-platinum album ‘Purple Rain, ‘ and another compilation album ‘The Hits/The B-Sides”.
