CHASKA, Minn. (CN) – Comerica Bank & Trust will take over the management of pop superstar Prince’s $200 million estate, a Minnesota judge ruled.
In his Jan. 20 order made public Tuesday, Carver County District Judge Kevin Eide appointed Comerica Bank & Trust NA as corporate personal representative of the estate, replacing Bremer Bank NA, which has served as the estate’s temporary special administrator.
Comerica will start its new role beginning Feb. 1, according to court records.
Judge Eide also ruled against the appointment of L. Londell McMillan and Anthony “Van” Jones as co-personal representatives of the estate, stating he has learned that Prince’s siblings, the likely heirs, are all “strong advocates” of their positions on how the estate should be managed and adding a co-personal representative would only cause “additional expense and delay.”
Jones worked with Prince on humanitarian projects, and McMillan is his former lawyer.
Eide acknowledged that a lot still needs to be accomplished in the administration of the estate, including a final ruling on who will inherit the estate.
“The focus of Comerica can hopefully be more refined than could that of Bremer Trust which 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,” he wrote.
Prince died of a drug overdose on April 21, 2016, and left no will. The late music legend’s estate has been estimated at $200 million but federal and state estate taxes will most likely take nearly half the value.
Prince’s sister Tyka Nelson and his five half-siblings are the likely heirs of the popstar’s estate. Judge Eide has said he will wait until appeals are exhausted before making a final inheritance ruling, according to the Associated Press.
“The court hopes and expects that Comerica will make communication with the heirs a high priority,” Eide wrote.