Prince may have exerted incredible control over his career, but that didn't extend in quite the same way to his financial life.
In the days since the superstar musician's unexpected death, surprising new details are emerging about his finances. Prince may have had money headaches before his death, according to the New York Post. But perhaps the most unexpected fact came out on Tuesday, when his sister revealed in probate court paperwork that Prince had left no known will.
"For someone who is used to dealing with sophisticated business arrangements, it's kind of shocking actually," said Martin Neumann, estate and probate attorney at the Los Angeles-based law firm Weinstock Manion. "From what I understand, he handled most things on his own."
Without a will, it's likely that Prince's estate would go to his next of kin, in this case his sister and several half-siblings. But how his estate is divided will become more complicated because of the estate taxes that will be due to both the IRS and the state of Minnesota, where he lived in his Paisley Park house and recording studio. Both state and federal estate taxes could amount to 50 percent of Prince's net worth, Neumann estimated.
"The IRS would hold half of the Prince estate," Neumann said.
Because many of his assets are intangible holdings such as his brand and image as well as yet-unreleased songs, valuing Prince's estate will be complicated.
"The valuation of all of that will be one of the biggest issues in the estate," Neumann added. "The only way they're going to maximize value is to hire the best in the industry."
Read on to learn more about Prince's estate.