Prince Hoarded Cash, Owned 67 10-Ounce Gold Bars When He Died
Monday, 09 January 2017

 Prince was a legendary musician; he may also have been a cash hoarding gold bug who had little faith in the merits of conventional investing.

According to an inventory report of the musician's estate at the time of his death from a drug overdose on April 21, 2016 first reported by the Star Tribune, Prince had acquired tens of millions of dollars in real estate, cars (lots of cars) and other personal property during his illustrious career. His assets have been valued between $100 million and $300 million before taxes, which are expected to claim roughly half.

The asset inventory compiled by Bremer Trust, the special administrator shepherding Prince’s estate, lists a dozen properties in Carver and Hennepin counties with an estimated total value of $25.4 million.

The inventory also lists about $110,000 in four bank accounts including $55,666 and 23 cents in "miscellaneous cash" and $25,273.10 in unclaimed property.

Additionally, Prince’s companies, Paisley Park Enterprises Inc., NPG Records Inc., NPG Music Publishing and LotusFlowr had more than $6 million in cash on hand at the time of his death. The report notes that NPG Records has an estimated $6.8 million in arbitration receivable.

There also are plenty of items that haven’t been assigned a value yet, including musical instruments, his jewelry collection, household furnishings, a 2006 Bentley and the iconic “Purple Rain” and “Graffiti Bridge” motorcycles.

However, perhaps most interesting, is that Prince also owned some 67 10-ounce gold bars classified as "Other Personal Property" and valued at nearly $836,166.70. The report does not disclose the cost basis, or when he bought the precious metal.

As for his holdings of traditional investments, such as "stocks, bonds, and other securities" let's just say that Prince saw more value in owning cars than equities, and as such the total value of his securities holdings was $0.00 at the time of death.

It remains unclear who will end up owning the assets of Prince who passed away without leaving a will: as the Star Tribune adds, dozens of claims have emerged over the past several months. Filings and judicial orders thus far make it appear likely that the fortune will be divvied up among sister Tyka Nelson and Prince’s half-siblings Sharon Nelson, Norrine Nelson, John Nelson, Omarr Baker and Alfred Jackson. There are also a number of unresolved issues related to Prince’s businesses, including pending lawsuits that could affect the value of the estate.

 

 


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