You could buy a fleet of small red corvettes and lots of grape berets with Prince’s property money, if you want to believe the IRS.
The Internal Revenue Service insists the singer’s assets are worth a whopping $ 163.2 million and accuses administrators of undervaluing their assets by $ 80 million, according to a report.
The singer died at his home in Minnesota in April 2016. He was 57 years old and left no will.
Comerica Bank & Trust, which oversees the property, has set its value at $ 82.3 million, but the IRS has said in a federal tax court document that the property of singer “Purple Rain” is much larger than they are owed $ 32.4 million in taxes, according to the Star Tribune.
The dispute has led Comerica to seek a lawsuit in the tax court, which could drag on the property battle for years and generate legal fees to further drain the estate.