Prince’s Estate Burns Through $600,000 A Month
Prince’s heirs are being hit with a hard reality about exactly how much money it costs to run an estate worth hundreds of millions of dollars.
According to TMZ, Prince’s family members are starting to become concerned that there may not be much cash left to spread amongst them when it comes time for payouts since they’re eating through $600,000 A MONTH simply to keep the late entertainer’s monetary affairs in order.
The estate management company, Comerica, charges $125k per month to keep things streamlined. Comerica also hired the Fredrikson & Byron P.A. law firm to represent Prince’s estate in court (Prince’s label currently has a lawsuit against Roc Nation) as well as handle tax issues. The law firm billed the estate over $440k in fees and expenses in November 2017 alone.
At that rate, there’s no telling how soon Prince’s $250 million will dwindle down to mere pennies…so it’s no wonder his heirs are sweating a bit now.
SMH. Who knew it would cost so much money to handle so much money?