Music Business

Judge Assigns Administrator For Prince Estate

image from www.popcultmag.comA Minnesota judge has assigned a special administrator to oversee Prince's estate while the case is resolved in court. District court Judge Kevin Eide appointed Prince's longtime bank, Bremer Trust to secure and preserve the estate until an executor, is appointed.

PrinceThe appointment comes after Prince's sister earlier this week initiated probate proceedings indicating that Prince, who died suddenly last week at the age of 57, had passed while intestate, IE, without a will, according to USA Today.

Since then, his estate, including property and his catalog, including unreleased material, have been estimated to be worth as much as $300 million. Under Minnesota, in the absence of a will, assets are distributed to the closest relatives. Besides Nelson, Prince is survived by several half-brothers and half-sisters, whom Nelson names in her petition as "interested parties" to the estate.

While Nelson is not aware of a will, that doesn't preclude a will existing. According to Forbes, Prince and Nelson were estranged for several years and she may be unaware of the full extent of his legal arrangements.

Nelson's attorney, Matthew Shea, has declined to comment on the case.

via Celebrity Access

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