Comerica Bank To Take Over Running Prince's Estate
MINNEAPOLIS (AP) — The Minnesota judge overseeing Prince's estate has ruled that Comerica Bank and Trust will take over running the estate, according to a court order made public Tuesday.
In his order, dated last Thursday, Carver County District Judge Kevin Eide said Comerica will be named corporate personal representative of the estate, taking over duties from temporary special administrator Bremer Trust. The handover will happen at the end of the month.
Eide also denied a request to appoint a "co-personal representative" to act as a go-between Prince's siblings and Comerica. Eide said the siblings could not agree on who should be appointed to this role, and adding another divisive element would be more expensive and delay the proceedings.
Eide noted that a co-personal representative was requested in part to improve communication between Prince's heirs and the estate handlers.
But Eide said he hoped communication will be easier now, noting that Bremer "walked into personal and corporate mayhem where the Decedent's personal and business affairs were in disarray, a criminal investigation was being undertaken, assets and records were voluminous and scattered, and numerous monetary and heirship claims were about to cascade upon them."
Eide has said he would wait for appeals to be exhausted before he makes a final ruling on who will inherit the estate, but Prince's sister, Tyka Nelson, and his five half-siblings are the likely heirs.
Prince died April 21 of an accidental drug overdose and left no known will. Court filings suggest his estate is worth around $200 million. Federal and state estate taxes are expected to gobble up about half the value.
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