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Prince: His life and music
Tim Nelson

Prince estate in court as putative heirs, trust attorneys square off

In memory of Prince
Fans pay their respects outside the Paisley Park residential compound of music legend Prince in Minneapolis, Minn., Thursday, April 21, 2016.
Mark Ralston | AFP | Getty Images

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Attorneys for Prince's estate and some of his potential heirs met in court Tuesday in Chaska, as the dispute over the music icon's legacy heats up.

There were 14 attorneys representing nine different parties. Most participated in the hearing via conference call.

Carver County District Court Judge Kevin Eide is considering a request by Bremer Trust to hire entertainment industry consultants and start "monetizing" the music and other intellectual property Prince left behind.

"What we're here to convey is the business challenge," Bremer Trust attorney Doug Peterson told the judge, noting his firm feels pressure to act. "Entertainment opportunities are presented right around every corner."

He outlined some them, including Prince's music catalog, publishing and licensing rights and royalites. Peterson also said that there was an "expert group" looking at making a substantial investment in Paisley Park, Prince's studio in Chanhassen, possibly making it an ongoing enterprise, although Peterson did not provide details.

Accounts of former employees have hinted that Prince had a vast unreleased catalog, possibly held in a vault at Paisley Park.

Without describing the extent of the estate, Peterson offered various estimates of its size, ranging up to $300 million, although he didn't offer any basis for those estimates in court. He said it could take up to 18 months just to fully inventory what Prince left behind.

Patrick Cousins, a Florida attorney representing a man held in federal prison in Colorado, offered the strongest objection to the administrator's request. Carlin Williams has filed a claim that he is Prince's son from a long-ago tryst between Prince and his mother. That could potentially make him Prince's sole direct heir.

Prince's sister Tyka Nelson and four surviving half-siblings have filed notice that they may be heirs, and at least three others have also indicated they may make claims.

Cousins, the attorney for Williams, told the judge that it was premature for Bremer Trust to make long-term business decisions about the estate.

"We believe in short order we're going to know who's at the table and who is not," Cousins told the judge. "The heirs are shareholders in a very large business enterprise. Why move forward in tying up assets and creating a situation that an heir might not be able to get out of?"

Attorneys for some of Prince's half siblings voiced similar concerns, but only asked that they be offered the opportunity to comment and advise on future deals — without asking for veto power, at least for the time being.

Peterson, the attorney for Bremer Trust, argued that it was impractical for all the potential heirs to weigh in on major business decisions.

He also told the judge that time was of the essence: a Paisley Park deal could prove more profitable if it could coincide with an "official tribute concert," perhaps this summer.

He also said that a potential estate tax obligation amounting to more than $100 million could be due January 21. "Minnesota and the IRS are going to expect checks," he told the judge. "If we can't muster up the dollars to pay what is due, the government is not going to wait." Peterson told the judge it wouldn't be in the heirs' interest to let tax collectors hold a "fire sale" to meet any obligations.

Peterson also made indirect reference to the unsuccessful attempt to pass legislation this spring preserving Prince's personal rights and retain the value of his image and other intellectual property. Minnesota statute does not currently allow that after death, experts have said. Those rights could yet be pursued in court, but not without an interested party willing to mount a legal defense.

"We have ongoing bootlegging going on," Peterson told the judge.

Eide asked for fuller responses and alternatives to be filed in court in writing tomorrow. He could rule by Thursday.