You could buy a fleet of small red Corvettes and lots of rasberry berets with Prince’s estate money, if we believe in the IRS.
The IRS insists that the singer’s equity is worth a whopping $ 163.2 million and accuses managers of underestimating his assets by $ 80 million, according to a report.
The singer died at his home in Minnesota in April 2016. He was 57 years old and left no will.
Comerica Bank & Trust, which oversees the estate, estimated its value at $ 82.3 million, but the IRS said in a federal tax court document that the “Purple Rain” singer’s estate is much larger, they must plus $ 32.4 million in taxes according to the Star Tribune.
The dispute led Comerica to request a judgment in the tax court, which could drag the real estate battle for years and generate legal fees to further drain the estate.