People listen to Prince music during a memorial street party outside the First Avenue nightclub on April 21, 2016 in Minneapolis, Minnesota. (Photo : Getty Images/Scott Olson )
Prince's only full sibling, Tyka Nelson asked Carver Country District Court in Minnesota through an emergency motion on April 26, Tuesday, to assign a trust company which will oversee his brother's multimillion-dollar estate temporarily. She asked that a corporate trust firm, Bremer Trust, be named administrator of the singer's estate. Court documents show Bremer Bank provided the late singer financial services for many years and a judge approved the request on April 27, Wednesday.
In the court filing, Nelson emphasized that immediate action is needed to manage the business interests of his brother who died last week at Paisley Park in suburban Minneapolis, the location of his home and recording studio. There is no estimate how much the estate is worth but Prince made millions of dollars in recordings, concerts and others.
For licensing Prince's personal brand, the estimate is soaring. Fans bought 2.3 million of his songs in just three days following his death. The musician sold more than 100 million albums and earned about $225 million in concert tours for over 10 years, according to The Associated Press.
The music artist owned several properties in Minnesota, most of which are undeveloped land. Public records say he has houses for relatives estimated to be worth $27 million. The same records show the musician set up several companies, though most are now inactive.
The Minnesota law states that surviving siblings, even the half-siblings will share the estate of a dead person who left without a will, and with no surviving parents, kids or grandchildren. Prince was single and had no known living children. He has seven half-siblings, two of whom are already dead.
Prince has hundreds of unreleased recordings in his vault at Paisley Park in Chanhassen. Their worth has still to be assessed as it depends when and how they will be released, according to StarTribune.
Most of those recordings' copyrights would perhaps expire 50 years following his death, so his trademark royalties could be indefinite. Prince also owned the copyrights of his own music, one of the few major recording artists to do so.
Watch the video below about the court having appointed a trust company that will temporarily manage Prince' asset:
