The dismissal of the lawsuit over Prince’s estate, filed by former business advisers of the late icon, against his siblings and other heirs was refused by a Delaware judge. On Friday, the judge agreed with the plaintiffs, L. Londell McMillan and Charles Spicer Jr., that an agreement to replace them as managers of an LLC company established by Prince’s siblings was allegedly invalid.
When Prince passed away in 2016, of an accidental fentanyl overdose, he did not leave behind a will. Therefore, his six siblings inherited equal parts in the Prince estate. According to CBS News, three siblings assigned their combined 50% interest in the late performer’s estate to Prince Legacy LLC. In addition to the siblings’ stake in the company, McMillan and Spicer both had 10% interest in Prince Legacy LLC. The two allegedly possessed powerful management authority in the company as well. CBS News goes on to state that, Prince’s sister Sharon Nelson regretted the decision to involve McMillan and Spicer as managing members, which led to her efforts to remove the two as managing members of Prince Legacy LLC.
In court, Chancellor Kathaleen St. Jude McCormick ruled that the terms listed in the original LLC agreement are unambiguous and the courts would not be pushing forward with the defendants’ attempt to amend it. CBS News reports that the judge ruled that the agreement remains in effect and McMillan and Spicer will continue to be managing members of Prince Legacy LLC. McCormick also made the ruling that McMillan and Spicer can pursue a claim that the defendants breached the LLC agreement by acting without authorization to amend it and remove the plaintiffs from the company.
Allegedly, this lawsuit stems from disagreements involving Prince’s Sister Tyka Nelson and five of the star’s half-siblings, Sharon Nelson, Norrine Nelson, John R. Nelson, Omarr Baker and Alfred Jackson. CBS News reports the three youngest siblings, Tyka, Omarr and Alfred sold their stake in Prince Legacy LLC to Primary Wave Music, LLC, a music publishing company. This company, Primary Wave Music, LLC, went on to later assign its interests in the company to an affiliate, Prince OAT Holdings LLC.
Alfred has since passed away but older siblings Sharon, Norrine, and John assigned their collective 20% interest in Prince Legacy LLC to McMillan and Spicer. When John died in 2021, his interests passed to a trust overseen by Breanna Nelson, Allen Nelson, and Johnny Nicholas Nelson Torres. Co-trustees Breanna and Allen are also named as defendants in the lawsuit, while co-trustee Torres is siding with the plaintiffs regarding this case.
CBS News reports that in the lawsuit it is claimed that Sharon allegedly improperly tried to insert herself into being involved in management decisions and once “demanded that the entire staff of the Paisley Park Museum in Minnesota be replaced.” Sharon also accused the plaintiffs of alleged fraud and allegedly tried to sell her interest in Prince Legacy LLC without the consent required by other members of the company.
This lawsuit around Prince Legacy LLC is part of a long legal battle involving the size and beneficiaries of Prince’s estate. Sourced from the CBS News article, in 2022, six years after Prince’s passing, the Internal Revenue Service and the administrator of Prince’s estate agreed to end a court battle and value the estate at a rough estimate of $156 million.
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