Prince’s Estate Fees Rising as $2 Million in Fees Mount from 5 Firms

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Prince’s estate has racked up over $2 million in fees in an attempt to unravel the estate of the late singer. Five law firms have worked with the estate so far, and the fees are continuing to add up as the complex estate is not yet settled.

The fees were disclosed as part of the proposed order on Monday, August 1 in Carver County, Minnesota. The order was proposed near the late singer’s famous Paisley Park estate, where he lived and would eventually die. The special administer of the estate, appointed to watch over the estate by the court, stated that the $2 million figure represents all fees incurred through legal counsel up to June 30.

Prince died on April 21, 2016. The fees account for under three months of legal services.

Stinson Leonard Street is set to receive $1.9 million dollars from the estate. The firm conducted services to Bremer Trust, the trust handling the estate. Lawyers at the firm declined to comment on the sum that the estate has racked up. The firm deals with business litigation, taxes, trusts and estates.

“Estates as complex as Prince’s estate require massive resources and man hours to untangle,” states  North Carolina AttorneyBob Meynardie.

Fox Rothschild in Philadelphia had fees of $146,336 for work that was conducted on behalf of the estate. Gray, Plant, Mooty, Mooty & Bennett firm from Minnesota is due $59,898, Broad and Cassel of Orlando is slated to receive $37,993 and Henson & Efron from Minnesota will receive $11,534 in fees.

The filing on Monday did not disclose all of the specifics of each firm’s fees.

Documents filed with the court show that the attorneys working for the family are trying to determine publicity rights, deal with DNA testing and claims of people being heir to the estate, and logistics of a performance in honor of the deceased singer.

Prince was said to be a challenging client for lawyers. The musical genius would think of new, complex ways to challenge his lawyers, and this has made his estate even more complicated following his death.

Bremer Trust further wants to sell off specific real estate assets of the late singer. The assets are to be sold to cover the financial obligations of the estate, according to court documents. Prince was very private, and the exact number of real estate properties that he owns for certain has not been released to the public.

A ruling made on Wednesday by a judge further keeps the estate out of the public. Billboard reported that a judge allowed the singer’s property and fees to remain private. Judge Kevin Eide granted the request, citing that the documents relating to the singer’s estate are confidential in nature.

The judge also stated that the special administration in charge of the estate will be able to file redacted documents with the court.

Prince died of an apparent overdose on April 21, 2016.

Numerous “heirs’ to the estate have been denied due to false claims. The judge presiding over the case states that 29 people have attempted to lay their claim to the estate with no legal validity.

 

Jacob Maslow is our Editor, and has extensive experience with writing about global financial matters. He also runs a successful SEO consulting business, Mekomi Marketing