Serious Issues: Prince’s Family Has A Problem With $55 Million That Was Spent From His Estate
The lawyers and bank belonging to legendary singer Prince have been paid big but the heirs of Prince’s estate has yet to receive any disbursements of their late brother’s estate.
Comerica Bank & Trust was put in place by the court in 2017 to administer the estate. Since they have started, they have butted heads with Prince’s brothers and sisters on many issues.
According to newly filed court documents, Prince’s siblings are trying to take more control over the estate’s matters and have filed a petition to limit Comerica’s powers.
In their petition, the heirs take issue with the estate still owing $31 million in unpaid taxes that continue to grow with interest. They also claim Comerica has spent $45 million on probate-related administrative expenses, including over $10 million paid to Comerica itself.
They also don’t agree with certain cash flow projections and accounting or inventory of Prince’s assets. They are asking for Comerica to not handle any future projects and to wrap up their current business.