According to the Internal Revenue Service, the executors of Prince’s estate have allegedly lowballed the value of the late musician’s assets by half, asserting that his effects should be valued at roughly $80 million higher than the executors initially claimed. 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 IRS reportedly made its claims in documents filed in the U.S. Tax Court. The Star Tribune says, “The big gap primarily involves Prince’s music publishing and recording interests.” Comerica claims its valuation is accurate and sued the IRS this summer, alleging the revenue service’s calculations 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 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.