Prince’s estate is said to be worth about $200 million, according to the Associated Press’ estimation, based on a new court filing. It’s the first time a specific estimate has emerged publicly from court proceedings following Prince’s death in April.
By comparison, David Bowie’s estate was worth about $100 million when he died in January, according to his will.
Prince’s $200 million calculated by The AP is based on a memo in court filings that mentioned the fee of estate administrator Bremer Trust as $90,000 per month, which amounts to $1.08 million per year. Bremer Trust uses a fee schedule based on the value of an estate, and the sliding percentage drops to 0.5 per cent for any assets over $10 million. The AP calculated that that annual fee works out to an estate worth $200 million.
Since Prince left no known will, his sister Tyka Nelson and five half-siblings are in line to inherit equal shares of the estate — after taxes.
It’s possible the value will rise or fall, notes The AP. The final total won’t be determined until after more appraisals and taxing authorities decide what they think the estate is worth.