A few days ago, it was reported that Tyka Nelson, the sister of the late rock and roll legend, Prince, had sold off a generous amount of her share in Prince’s estate, in the wake of her mounting financial debt.
According to court documents, Nelson sold the portion of the estate to Primary Wave, which is a private equity fund. In addition, she requested that Primary Wave be involved in “all matters” regarding the singer’s estate, which would give the company a say in the business dealings of the estate. However, since then, Comerica Bank, who is the court-appointed administrator for the estate, has responded in a statement to the court, in an attempt to block the sale.
”Primary Wave is not an Heir of Prince Rogers Nelson and should not be recognized or treated as such,” the statement read.
The timing of the sale is no coincidence. In March of this year, Nelson was ordered to pay $850,000 to lawyers who had worked on her brother’s estate. A judge ultimately discovered that she owed money to three separate law firms. Nelson was ordered to pay off the debts using any money that was to be paid out to her from the estate. In October, another law firm came forward accusing the jazz singer of owing them money as well. The firm, Cozen O’Connor, claimed they were owed over $100,000 in legal fees for representing her with the estate drama as well.
But, Comerica fears that by allowing Primary Wave to be so heavily involved in the estate, they could gain access to confidential information regarding the singer and his affairs. ”In light of the unique nature of this Estate, the Court has granted six Heirs a unique role in the administration of this Estate. The Court has permitted the Heirs unprecedented access to, and involvement in, the administration of the Estate, beyond that granted to heirs by the Probate Code,” Comerica continued.
As a result, they are asking a judge to block Primary Wave out of the estate completely.
Tyka Nelson has yet to comment on the matter.
