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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.

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Justin Bieber Flips 50 Cent's "Many Men" During Studio Session

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The "Let Me Love You" singer rapped about his absence from pop culture, and his wife.

“Took a couple years off/Shed a couple tears, dawg/Been a victim of the system/I’m a Christian with a vision/My wife, yeah, I put her on a pedestal/My life is like a movie, The Incredibles," raps Bieber.

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“They put me on some medicine/Never thought that my depression would depend on it/Many men, wish death upon me/ Blood in my eye dog and I can’t see/I’m trying to be what I’m destined to be / And people trying to take my life away."

sounds like justin bieber has a new song on the way that flips 50 cent's “many men” 👀pic.twitter.com/cvdLpAEpFt

— Genius (@Genius) October 11, 2019

Bieber is reportedly back in album working on a new album. Last week, he joined forces with country duo Dan and Shay for the record "10,000 Hours."

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Tekahshi 6ix9ine Reportedly Signs New Record Deal Worth $10 Million

Rapper Tekashi 6ix9ine reportedly signed a $10 million record deal with his former label 10K Projects for two albums, TMZ reports.

It's said one of the projects will be in English while the other in Spanish. It's unclear what will happen to the deal if 6ix9ine is given less than the minimum 47-year-long sentence he faced before testifying against his former associates and Nine Trey Gangsta Bloods members.

Earlier today, Page Six reported that the rapper purchased new beats and plans to record music upon his release.

"It looks like he will be making music right away when he comes home," an anonymous music industry source told the outlet. "He already contacted a young NYC producer, and someone purchased two beats for him."

Last month,  it was reported that Tekashi denied witness protection after testifying against Anthony "Harv" Ellison and Aljermiah "Nuke" Mack, two Nine Trey Gangsta Bloods members, who have been found guilty.

The rapper born Daniel Hernandez pleaded guilty to racketeering conspiracy and eight other charges in January. 69's forthcoming sentencing is scheduled for December 18.

 

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T.I. Calls Iggy Azalea's Music Career A Stain On His Legacy

T.I. isn't necessarily proud of his investment in Iggy Azalea's music career.

In an interview with The Root (Oct. 9), the Atlanta rapper revealed he's on the hunt to discover a new talented female rapper with bars so that he can undo the "blunder" of his former artist Iggy. The Dime Trap rapper added that the Australian rapper's career is a stain on his legacy as a label executive.

“I’m still actively looking for another female rapper who can undo the blunder of Iggy Azalea,” Tip said. “That is the tarnish of my legacy as far as [being] an [music] executive is concerned. To me, this is like when Michael Jordan went to play baseball.”

The Grand Hustle boss has not worked with the "Fancy" rapper since 2015. Tip signed the Aussie artist to his label back in 2011 shortly after she released her debut mixtape, Ignorant Art.

When asked about Xtaci, a girl duo Tip once worked with, T.I. said sometimes things get in the way.

“Sometimes people just grow up and find out that maybe their time, efforts and attention would be better applied elsewhere but, right now, we do have Tokyo Jetz.”  Jetz is a woman rapper on the Grand Hustle label. She is mostly known for her single "The One."

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