Real estate holdings may go on block to pay some of upcoming bills.
Some of real estate holdings held by Prince’s estate may be sold relatively soon, according to TMZ in “Prince Everything Must Go…Estate Ready to Dump Properties.”
The sale may be necessary because it has been estimated that the total estate tax bill that Prince’s estate will have to pay will be in the neighborhood of $150 million. The bill is that high because Prince did not have an estate plan that accounted for either the federal estate tax or the Minnesota estate tax.
The special administrator for the estate has filed a motion with the court seeking permission to sell some of the real estate and says it will not accept an offer that is less than 90% of fair market value. The musician is known to have had real estate holdings in several different states, but which properties might be sold has been sealed.
Ultimately, the judge will have to approve of the plan to sell before the properties are listed.
If the judge approves the plan, it will likely not be the last things of the musician’s that will be sold. The estate tax bill is high enough that much more will likely need to be liquidated in the next few months so the estate can pay the taxes on time and avoid fines and penalties.
Reference: TMZ (Aug. 1, 2016) “Prince Everything Must Go…Estate Ready to Dump Properties.”
