Tyka Nelson, the sister of Prince, put speculation to rest on Tuesday by filing papers in a Minneapolis court stating that the singer had no known will and asking that an administrator be named as soon as possible.
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With some $27 million in property and an outpouring of nostalgia over the pop star’s death, Prince’s heirs could stand to inherit a small fortune.
Tyka said the value of Prince’s assets, including real estate and cash, are “unknown”, but it’s sure to have increased since his death. In her paperwork, she mentioned that “Bremer Bank, National Association, has provided financial services to the Decedent for a number of years and has knowledge of his personal financial and business financial affairs”. However, the court did not rule immediately.
According to NBC, the Carver County Sheriff’s office has asked the U.S. Drug Enforcement Administration for help determining what prescriptions Prince had and where they came from. And Pollstar, a concert industry magazine, said that in the years that his tours topped the charts – 10 years over four decades performing – the tours raked in $225 million in ticket sales.
But it’s not clear how much money Prince had when he died, given that he had to pay record labels and staff and cover other expenses.
Aside from royalties from his more than 30 albums, he regained ownership of his master recordings after a dispute with his Warner Bros music label.
The judge wrote that there was no pending application or petition for probate of a will in any court.
Other attorneys predict however, this may cause some turmoil because faux family members can appear, and try to redeem some of the estate. Presley’s estate made $55 million just in 2015, according to Forbes magazine.
Abdo said he’s surprised, given Prince’s army of lawyers. “Will there be a business built up around Prince 60 years from now like James Dean?” Tyka listed herself and half-siblings John Nelson, Norrine Nelson, Sharon Nelson, Alfred Jackson and Omar Baker as heirs in her petition. “Considering how private Prince chose to be during his lifetime, it would make sense that he would want this after he passed away as well”.
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The Minnesota law states that surviving siblings, even the half-siblings will share the estate of a dead person who left without a will, and with no surviving parents, kids or grandchildren.
