The music and entertainment industry lost yet another talented musician Thursday morning. Grammy Award-Winning Singer Prince, 57, died April 21 in his home state in Paisley Park Studio, Chanhassen, Minnesota.
Celebritynetworth.com reports that the singer's net worth is set at, more or less, $300 million, excluding the value and possible profit for his unreleased music. His Paisley Park Studio estate alone has a sprawling studio and other buildings.
In cases like the 'Kiss' and 'Purple Rain' singer's, the laws of the state where he died will prevail. Thus, the Minnesota inheritance laws will determine how his estate will be divided, if there's no will and testament left.
IBTimes reports that based on Minnesota law, the estate will be inherited by the following people, in particular order: "grandchildren, parents, brothers and sisters, or more distant relatives if there are no closer ones." This law is only applicable when there's no will.
Prince's parents are dead. It is unknown if any of his living siblings are close to him. However, Prince is reported to have fathered one child who unfortunately died a week after birth dude to Pfeiffer syndrome. So the question remains: who will inherit his fortune? Nothing is certain as of the moment.
According to LA Times, Prince also has one home in Los Angeles, where he spent a lot of time working. However, in 1997, the singer sold it for $2.2 million; then it was later sold by another owner at $5.5 million.
Heavy.com also reported that Prince has sold "over 100 million albums worldwide and is one of the most recognizable artists in music history," "earned himself seven Grammys, a Golden Globe and an Oscar," and "a performance fee for an appearance [of] $2 million though Prince has, at times, performed some gigs for free."
Meanwhile, President Barack Obama released a statement regarding his death: "As one of the most gifted and prolific musicians of our time, Prince did it all. Funk. R&B. Rock and roll. He was a virtuoso instrumentalist, a brilliant bandleader and an electrifying performer. A strong spirit transcends rules,' Prince once said -- and nobody's spirit was stronger, bolder, or more creative."
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