Prince, the inheritance doubles the value

(ANSA) - NEW YORK, 17 JAN - At the end of a legal battle for years, an agreement was reached on Prince's legacy, including a catalog of songs and real estate. The singer's bequest was valued at $ 156.4 million, nearly double the previous estimate. The figure was agreed by the directors of Comerica Bank and Trust with the heirs of the "goblin of Minneapolis" and the federal tax agency (IRS). Prince died in April 2017 at the age of 57 without leaving a testament from an accidental overdose of fentanyl, an opiate-based pain reliever. Beneficiaries of the bequest are his three older brothers and the music publishing house PrimaryWave which in August 2021 had bought the shares of the artist's music catalog from three other heirs,one of which has in the meantime passed away. Fund distribution is expected to begin in February: "It's been a long six years," said L. Londell McMillan, the lawyer of the brothers involved in the dispute who are now hoping to move on after amassing huge legal expenses to get to this moment. The three heirs and PrimaryWaves also hope to further monetize the case: the market for music catalogs is boiling more than ever, with publishers such as PrimaryWaves itself, the UK's Hipgnosis, Sony Music and Universal having their hands on the rights of music icons. contemporary like Bob Dylan, Neil Young, Fleetwood Max, Paul Simon and David Bowie. Prince has left behind an extraordinary legacy of iconic titles such as "Purple Rain", "When Doves Cry"and "1999," which could yield lucrative royalties in sales, streaming, film soundtracks and TV commercials. As a benchmark, Dylan's catalog was sold by the singer for nearly $ 400 million, BruceSpringsteen's catalog exceeded $ 550 million. (HANDLE).