Super Bowl XLI: Pepsi Halftime Show
Jamie Squire

Prince's Half-Sister Fears Estate Will Go Bankrupt Over Mishandling Of Finances

"Prince is not resting in peace while this is going on."

Prince's half-sister, Sharon Nelson, has accused Comerica Bank & Trust, the administration that is handling Prince's estate, of mishandling the late artist's finances, Billboard reports. Her family's fight against Comerica has now resulted in thousands of court filings and millions of dollars in legal fees. She predicts that if the company is not stopped, Prince's estate will soon go bankrupt.

"Prince’s estate will be bankrupt by the end of the year," Nelson predicted. "Prince is not resting in peace while this is going on. He's very upset what these people have done to his estate. It's really sad."

After Prince's death in 2016, Nelson and her siblings – the singer's full sister Tyka Nelson, his half brothers Omarr Baker, Alfred Jackson, John R. Nelson and his half-sisters Sharon and Norrine Nelson – became sole heirs of the estate that is said to be valued between $100 million and $300 million. The family was forced to hire their own attorneys to defend their interests after 45 people claimed to be heirs of the "Purple Rain" singer's estate.

Due to nearly $3 million in legal fees, Nelson said her siblings are not able to afford a new attorney. Although she is able to get by because she is a "senior citizen and I have worked all my life," she said her other family members are barely scraping by.

The family was each awarded $100,000 following Prince's 2016 tribute concert, but Nelson said they have not received any more money from Comerica although the bank continued to receive $125,000 a month for administering the estate.

Additionally, Nelson told Billboard that Comerica continued to make poor financial moves such as paying $90,000 a month to store Prince's unreleased music in a vault in Los Angeles.

There are reportedly more than 2,700 court filings regarding this matter. The court documents include motion, affidavits, memos, and depositions that support Nelson and her family's complaint about Comerica's representation.

In Oct. 2017, Nelson and two of the others heirs filed to permanently remove Comerica from the estate after an allegedly heated meeting. They accused the bank of being verbally abusive and threatening Nelson.  In Dec. 2017, a judge denied their petition to remove Comerica, ruling that it would not be in the best interest of the estate.

Comerica has denied the allegations against them. Bank officials explained in the court filings that the heirs could not receive a dime until a tax bill from the Internal Revenue Service (IRS) was settled. Nelson said she found that reasoning odd since Prince died with $97 million in cash and $30 million to $40 million in real estate holdings.

Comerica released a statement to Billboard regarding Nelson's claims. "The estate of Prince Rogers Nelson is a court-supervised estate, which places strict reporting and judicial oversight requirements on Comerica as the Personal Representative," the statement read. "Comerica has complied with all legal and ethical requirements during its administration of the estate. Comerica’s fees and those of the estate’s attorneys are filed with and approved by the Court every four months with complete transparency to the heirs. The attorneys’ fees paid by the estate have been court-approved as reasonable and necessary for the benefit of the estate."

Prince's siblings are currently asking a judge to permanently limit the Comerica's powers as the estate’s personal representative. A hearing is scheduled for May 20.

From the Web

More on Vibe

Getty Images

Solange's Performance Piece 'Witness!' To Premiere In September

Solange is the composer and director of a special performance piece titled "Witness!" The piece will be performed on September 17 at Elbphilharmonie in Hamburg, Germany.

"So excited to announce “Witness!” a special performance piece composed and directed by myself at the phenomenal @elbphilharmonie (photo’d here:)," she wrote on Instagram to accompany a photo of the event flyer, which features the picturesque venue. Tickets for the performance go on sale on May 31.

The Houston native is no stranger to elaborate stage productions and intricate, detail-driven performances. She's performed in places such as the Guggenheim and Marfa's Chinati Foundation, so we're sure "Witness!" will be one to remember.

Earlier this year, Solange dropped her performance slot at the Coachella Music and Arts Festival, citing "major production delays" as the cause for cancellation. "She sends her sincerest apologies, and looks forward to performing at Coachella in the future," the official Coachella Twitter page read.

The performance coincides with the release of her latest studio-album, When I Get Home. Check out her announcement below.

 

View this post on Instagram

 

so excited to announce “Witness!” a special performance piece composed and directed by myself at the phenomenal @elbphilharmonie (photo’d here:) tickets on sale friday may 31 🖤!

A post shared by @ saintrecords on May 23, 2019 at 5:10pm PDT

Continue Reading
Getty Images

YG Releases '4REAL 4REAL' Album Featuring Meek Mill, Tyga, And More

After a brief delay, YG’s fourth studio album, 4REAL 4REAL is finally here. The 14-track project arrived on Friday (May 24) and features guest appearances by Meek Mill, Tyga, Kamaiyah, DaBaby, and more.

The album's release date was initially suspended in light of Nipsey Hussle's untimely death in March 2019. YG included a song, entitled "My Last Words (Nipsey Hussle Tribute)." The track includes audio from YG's speech at Nip's memorial service.

Just hours ahead of the album's release, YG announced that he would be giving a percentage of his album sales to Nip's two children. "I’m giving his kids a percentage of every song on the album,” YG said in a recent interview on Big Boy's Neighborhood. “By the time they get 18, from me, they’re gonna have a bag sitting there.”

Stream 4Real 4Real below.

Continue Reading

YG To Give Percentage Of Album Sales To Nipsey Hussle's Children

YG is gearing up for the release of his new studio album, 4REAL 4REAL. Ahead of the album's Friday release, YG stopped by Big Boy's Neighborhood on Wednesday (May 23), where he discussed his friendship with Nipsey Hussle. He also revealed his plans to donate a percentage of his album sales to Nip's two children.

YG revealed his thoughtful plan when he was asked about the epitaph that is included on the album's cover art.  "I put that 'In Loving Memory of Nip' on the album because I'm giving his kids a percentage of every song on the album. So by the time they hit 18, from me, they gonna have a bag," YG explained. He also noted that he is considering making donations to the family for the next six albums.

Nipsey and YG have been friends since 2010. "I think we did some music the same day," YG said of their first encounter. "After that, we just kept running across each other on some L.A. shit. From that, it just started to build... He ended up being like a big brother to me," YG says. "The brand shit was the thing we talked about all the time, building a brand that's gonna [outlast] you."

4REAL 4REAL was slated to drop earlier this year but was pushed back in light of Nipsey's untimely passing. It now drops this Friday (May 24).

Continue Reading

Top Stories