By Robyn Collins
When Prince died in April without a will, it was difficult for Bremer Trust, which administers his estate, to begin licensing deals for his music and image. Now, a Minnesota state has ruled that Bremer Trust has until November 2 to put deals in place for licensing Prince’s intellectual property.
Complicating matters regarding Prince’s inheritance is a dispute between his sister, Tyka Nelson, his six half-siblings and two men who both claim to be his sons.
Bremer Trust had argued that it was urgent that deals for matters such as Prince’s back catalogue and unreleased music are resolved, because of a large tax bill which Prince owed.
Prince’s intellectual property is estimated to be worth $300 million, but half of that could be taken by state taxes because he didn’t have a will.
After November 2, any deals made by Bremer Trust will be reviewed by whoever is determined to be the rightful heirs to the Prince throne and will require court approval.
A proposed tribute concert this summer at Prince’s Paisley Park home, a place he often hosted concerts, is among the items and events that will be negotiated.