After a lengthy and often contentious legal battle, the estate of the late music icon Prince Rogers Nelson has finally been closed. The court-ordered closure marks the end of a six-year process that began after Prince’s death in April 2016 without a will, which led to a complex probate process to determine the distribution of his estate.
In May 2017, the court formally recognized six heirs to Prince’s estate: his half-siblings Sharon Nelson, Norrine Nelson, John Nelson, Alfred Jackson, Omarr Baker, and Tyka Nelson. Over time, the estate interests of Alfred Jackson, Omarr Baker, and Tyka Nelson were acquired by Primary Wave, a private equity group specializing in music publishing catalogs. Primary Wave currently owns a 50% interest in the estate.
Going forward, Prince’s music and legacy will be managed jointly by Primary Wave and Prince Legacy LLC, a company formed by Prince’s heirs and beneficiaries, including Sharon Nelson, Norrine Nelson, and The John R. Nelson Revocable Trust, as well as their advisors L. Londell McMillan and Charles Spicer. They together own the remaining 50% of the estate.
In a statement, McMillan expressed his admiration for Prince, calling him “the greatest artist and musician who ever lived.” He also looked forward to managing the estate with all stakeholders to preserve Prince’s true legacy.
The closure of Prince’s estate marks a new chapter in the management of his music and legacy. With the joint management of Primary Wave and Prince Legacy LLC, the estate’s assets will be distributed and managed to preserve Prince’s artistic and cultural impact.
