Prince heirs urge appointment of new special administrator
Several of Prince's family members are urging a Carver County judge to appoint a new special administrator for Prince's estate, according to court filings.
In documents filed Tuesday in Carver County District Court, attorneys for Prince's sister say Tyka Nelson, as well as other family members and their counsel, have spent the last two months looking for a replacement for Bremer Trust, National Association, the current special administrator. They would like Fiduciary Trust Company International or Comerica Bank & Trust N.A. to take over.
The push for a new administrator comes after disputes between some family members and Bremer Trust over selling intellectual property assets of the estate, which could include music.
Bremer indicated in September it is not interested in continuing to act as special administrator, saying disputes between the trust and some heirs over intellectual property is "hampering our ability to act in the best interest of the Estate."
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Bremer's President Craig Ordal wrote in a Sept. 27 letter to the judge presiding over the Prince case, "We believe that the decision to withhold consent to important recording and publishing deals is delaying and potentially jeopardizing critical deals that would generate funds needed to pay expenses, debts and taxes."
The Associated Press has calculated the late star's estate to be worth around $200 million. The estimate is based on a recent court filing in which a fee was disclosed that is based on the size of the estate.
Tyka Nelson's filing says a group of several heirs want the successor to Bremer be appointed quickly in order to complete preliminary estate tax filings.
A hearing is set for Thursday morning in the case, though it isn't clear if Judge Kevin Eide will decide which firm will take on administrative duties.