Aretha Franklin’s Estate To Sell Assets For Enormous $$ Tax Debt
Aretha Franklin’s estate is in a pickle of a situation. Now, it’s asking the court for permission to sell off some of the late singer’s assets to help pay off a $5.2 million tax debt.
The Blast recently obtained court documents noting that those in charge of Aretha Franklin’s estate are asking for permission to sell off a vacant lot in Bloomfield Hills, Michigan. The late singer, of course, owned this lot.
“The 1.05-acre lot was purchased by Franklin years ago and the estate is offering it for $1.4 million — the price includes a home being built on the land for the buyer,” the source reports.
Court documents reportedly state that Franklin owes $100,000 in debts, as well as an additional $5.2 million in taxes! The source mentions that this is even after paying off the $6.3 million owed to the Internal Revenue Service (IRS).
According to Blast, Aretha Franklin’s estate wants to sell off the property in order to “liquidate estate assets and eliminate unnecessary estate expenses.” Moreover, allegedly, the remaining value of Aretha’s personal property is deemed “undetermined” at the moment.
With this in mind, the estate is asking the judge to sign off on the property sale.