Prince Wealth Revealed, Estate Signs With Universal Music's Bravado, Streaming May be Coming Soon

by Music-News.com Newsdesk

There's a lot of Prince news this week as the first anniversary of his death last April approaches.

An inventory of the singer's estate found the late musician had $25 million (£20 million) in real estate, 67 gold bars, and a huge cash haul.

The documents were submitted to a probate court in Minnesota, showing he had acquired a huge wealth of real estate before he died, Billboard.com reports.

According to a file released by Carver County District Court, Prince also left behind 10 cars, including a 1993 Ford Thunderbird, 1995 Jeep Grand Cherokee, 1997 Lincoln Town car and 1985 Cadillac Limo.

Records show an asset inventory by Bremer Trust, the company overseeing the singer's estate, lists a dozen properties in Carver and Hennepin, Minnesota, with an estimated value of $25.4 million (£20.6 million). It also lists about $110,000 (£89,000) in four bank accounts, as well as 67 10-ounce gold bars with a total value of $840,000 (£683,000).

The Purple Rain hitmaker's companies, Paisley Park Enterprises Inc., NPG Records Inc., NPG Music Publishing and LotusFlow3r, had more than $6 million (£4.8 million) in cash at the time of his death.

Among the items not yet assigned a value are Prince's musical instruments, his jewellery collection, a 2006 Bentley and his iconic Purple Rain and Graffiti Bridge motorcycles. The value of Prince's trademarks and copyrights is also still unclear, but his estate is estimated to be worth between $100 million (£81 million) and $300 million (£244 million).

The next hearing in the probate case, scheduled for January 12, is expected to resolve a number of issues related to Prince's estate, including determination of his heirs.

On Tuesday, the singer's estate and Universal Music announced that Bravado, the label's worldwide merchandise and brand management company, had signed an agreement to serve as the exclusive branding and licensing partner worldwide for Prince.

With the agreement, Bravado will work closely with the Estate to manage retail and licensing endeavors for Prince's brand. As one of the most iconic and influential artists of all time, Bravado is tasked with strategically curating global programs that embrace and honor Prince's legacy, embody his invaluable influence on art and culture and provide new connections for his millions and millions of fans.

There is also word that the people in charge of Prince's estate are close to signing agreements to return the singer's music to streaming services. 

Prince removed his music from all services except Tidal where he had an exclusive deal for his HitNRun volumes 1 and 2 albums but, according to his estate, it was not a blanket agreement for streaming the entire catalog over a long period of time. Tidal and the estate are now in litigation over the agreement. 

Sources say that the premier on places like Spotify and Apple Music could come as soon as next month right after the Grammys where a major tribute is planned.

No comments

Powered by Blogger.