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Executors undervalued Prince's estate by 50%, IRS says

Posted at 2:12 PM, Jan 03, 2021
and last updated 2021-01-03 14:12:16-05

MINNEAPOLIS — 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.