According to the Internal Revenue Service, the executors of Prince’s estate have allegedly low-balled the value of the late musician’s assets by half, asserting that his effects should be valued roughly $80 million higher than they had been previously. According to the Minnesota Star Tribune, the IRS claims the administrators of Prince’s estate, Comerica Bank & Trust, claimed his holdings were valued at $82.3 million; the bureau asserts it is actually worth $163.2 million, and are demanding $32.4 million more in taxes, as well as a $6.4 million “accuracy-related penalty.”
The revenue service reportedly made their claims in documents filed to the U.S. Tax Court. Says the Star Tribune, “The big gap primarily involves Prince’s music publishing and recording interests.” Comerica claims its valuation is accurate, having sued the IRS this summer to that effect, and says it is, in fact, the revenue service’s calculations that are “riddled with errors.” Comercia has requested a Tax Court trial to be held in St. Paul.
Meanwhile, Prince’s sister Sharon Nelson reportedly reached out to the IRS herself, claiming in a filing that Comerica has allegedly left her family in the dark, and has yet to “fully inform [the heirs] on business matters including the tax proceedings.” According to the Star Tribune, Comerica has previously denied similar claims. At the time of Prince’s death on April 21, 2016, the late musician did not have a will.