Rock music icon, Prince, who had fans in Florida and throughout the world, died of a fentanyl overdose in 2016, which sparked a complex and lengthy probate process because he did not leave a last will. A legal battle ensued for approximately six years, finally being resolved with an agreement that placed the estate’s holdings (worth more than $150 million) with two separate management companies. While four of Prince’s half-siblings hold shares in one of the companies, which is managed by two of his long-time friends, his other two half-siblings sold their shares to the other company. The family is once again involved in estate litigation regarding a lawsuit that Prince’s two friends (managers of Prince Legacy company) have filed.
The managers of Prince Legacy claim that two of Prince’s half-sisters, as well as his nephew and niece, have been trying to force their resignation and violate the agreement that was signed in 2022 regarding the management of Prince’s estate. The bylaws of Prince Legacy require the approval of all members for certain decisions, such as replacing staff members at Paisley Park, which was Prince’s mansion. The lawsuit alleges that one of the defendants tried to take charge of Paisley Park by hiring staff members of her choosing without seeking approval from all members of Prince Legacy.
Selling shares is another central focus of this estate litigation case
The plaintiffs also claim that the same defendant tried to sell her shares to the other company that manages Prince’s estate. However, the agreement states that company approval must be obtained before unilaterally selling shares to the other management company. The plaintiffs claim that the defendants have no music industry or complex business experience and that allowing them to take over the company and force plaintiffs out would be severely detrimental to Prince’s estate.
When relationships are contentious, estate litigation proceedings can be stressful. It is wise to enlist support from an experienced probate attorney before heading to court. Anyone in Florida facing similar issues as Prince’s heirs may want to stay tuned for the court’s rulings in this case.