IRS says executors undervalued Prince's estate by 50%
MINNEAPOLIS (AP) — The controversy over Prince's estate is heating up again after the Internal Revenue Service said administrators have undervalued it by 50%, or about $80 million.
The rock star, who died of a fentanyl overdose in 2016, did not leave a will. The IRS determined that Prince's estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank & Trust, the estate's administrator.
The Star Tribune reports that the discrepancy primarily involves Prince's music publishing and recording interests. Court documents show the IRS believes that Prince's estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica's valuation.