Net Worth Ranker
What Was Prince’s Net Worth?
At the time of his tragic death in April 2016, Prince Rogers Nelson, known globally as Prince, had accumulated a net worth estimated between $200 million and $300 million. This valuation hinged significantly on the projected worth of his intellectual property, particularly his music copyrights and likeness rights.
Prince’s Estate Valuation and Assets
Following Prince’s death, without a will in place, his estate’s value became a focal point of contention. Comerica Bank & Trust, the estate’s administrator, initially estimated the total value of assets, including real estate, music rights, and his name and likeness, at $82.3 million. This figure was later challenged by the Internal Revenue Service (IRS), which assessed the estate’s value closer to $163.2 million in January 2021. The IRS sought an additional $32.4 million in federal taxes for the 2016 tax year, plus a $6.4 million accuracy-related penalty. In January 2022, an agreement was reached between the IRS and the estate’s administrator, valuing the estate at $156.4 million. The assets were to be divided between Prince’s music company, Primary Wave, and three of his family heirs.
Key assets included NPG Publishing (owner of his songwriting copyrights), valued by Comerica at $21 million and by the IRS at $37 million. The “Writer’s Share” of his songwriting catalog was assessed at $11 million by Comerica and $22 million by the IRS. NPG Records, Prince’s record label, was valued at $19.4 million by Comerica and $46.5 million by the IRS. Paisley Park, Prince’s 149-acre estate in Chanhassen, Minnesota, was valued at $11 million by Comerica and $15 million by the IRS. These valuations underscore the complexities in assessing the net worth of an artist with extensive intellectual property holdings.
Early Life and Career Beginnings
Born on June 7, 1958, in Minneapolis, Minnesota, Prince’s musical journey began early. His mother, Mattie Della, was a jazz singer, and his father, John Lewis Nelson, was a pianist and songwriter. Prince’s inherent musical talent was evident when he wrote his first song at the age of seven on his father’s piano. In 1973, Prince met songwriter and producer Jimmy Jam, who recognized his exceptional musical abilities. By 1976, Prince created a demo tape with producer Chris Moon in Minneapolis. After initial rejections from record labels, Owen Husney signed Prince to a management contract, leading to a new demo tape that garnered interest from numerous major record companies. Prince ultimately signed with Warner Bros.
In April 1978, Prince released his debut album, “For You,” where he wrote, arranged, composed, produced, and played all 27 instruments. His self-titled album “Prince” in October 1979 catapulted him to stardom with hits like “Why You Wanna Treat Me So Bad?” and “I Wanna Be Your Lover.” In 1980, “Dirty Mind” was released, noted for its sexually explicit content. This album, recorded in his own studio, achieved Gold certification. Prince made his first appearance on “Saturday Night Live” in 1981, performing “Partyup,” and toured in support of “Controversy,” opening for the Rolling Stones on their US tour.
Purple Rain Era and Musical Success
From 1984 to 1989, Prince’s band was known as The Revolution. Prince negotiated a deal to star in a film, resulting in the iconic “Purple Rain” in 1984. The film, loosely based on his life, sold over 13 million copies in the US. “Purple Rain” topped the “Billboard” charts for 24 consecutive weeks, and Prince won an Oscar for Best Original Song Score. Songs like “When Doves Cry” and “Let’s Go Crazy” became global hits. In 1984, Prince simultaneously held the #1 album, single, and film in the US, a historic achievement for a singer. The track “Darling Nikki” led to the creation of the Parents Music Resource Center and the “Parental Advisory: Explicit Lyrics” label on albums.
Following “Purple Rain,” Prince released “Around the World in a Day” in 1985, which immediately reached #1 and remained there for three weeks. The single “Raspberry Beret” peaked at #2 on the charts. His subsequent album, “Parade,” reached #3 and included the hit single “Kiss.” After the “Hit n Run” tour supporting “Parade,” Prince disbanded the Revolution and dismissed his co-musicians Wendy & Lisa. He sold more than 100 million albums worldwide during his career.
Later Career and Paisley Park
In the 1990s, Prince engaged in a dispute with Warner Bros. Records, leading him to change his name to an unpronounceable symbol, often referred to as The Artist Formerly Known as Prince. He reverted to his original name in May 2000 after his contract with Warner Bros. ended. Between 1994 and 1996, Prince released five records and signed with Arista Records in 1998. With Arista, he released 16 more albums. His most successful album of the 2000s was 2004’s “Musicology.” Prince’s final album, “Hit n Run Phase Two,” was released in 2015.
In 1985, Prince established Paisley Park Records and NPG Records to self-produce his music. Paisley Park, a 65,000-square-foot complex in Chanhassen, Minnesota, served as Prince’s residence and recording studio. Designed by BOTO Design, Paisley Park opened on September 11, 1987, featuring two live music venues used for rehearsals. Although Paisley Park Records closed in 1994, Prince continued to live and record at Paisley Park Studios. Following his death on April 21, 2016, Paisley Park was opened for public tours in October 2016, managed by Graceland Holdings. The tours showcase Prince’s recording studios, sound stages, wardrobe, awards, instruments, and unreleased recordings. Before his death, it had been his intention to establish the estate as a public venue in the same vein as Graceland.
Personal Life and Carlos Boozer Home Rental
Prince married Mayte Garcia in 1996, and they had a son, Amir Nelson, who died shortly after birth. The couple divorced in 2000. He later married Manuela Testolini from 2001 to 2006. Prince adhered to a strict vegan diet and became a Jehovah’s Witness in 2001.
In 2005, Carlos Boozer rented his 10-bedroom, 18,000 square-foot Bel-Air mansion to Prince for $95,000 per month for a year. Prince famously replaced the front gate lions with his symbol and replaced white carpets with purple ones. He converted the weight room into a nightclub, a bedroom into a hair salon, and another into a massage parlor. Prince painted the walls purple and added a black carpet in the master bedroom. After Boozer complained about the alterations, Prince restored the home to its original condition and returned the $500,000 deposit.
Death and Accolades
On April 7, 2016, Prince postponed two shows in Atlanta, citing recovery from the flu. He performed his final show on April 14th, despite feeling unwell. On a flight back to Minneapolis, he became unresponsive, leading to an emergency landing in Illinois. Prince was hospitalized and received Narcan, a medicine used to block the effects of an overdose of opioids. He was later found dead at Paisley Park on April 21, 2016, and his death was attributed to an accidental overdose of opioid Fentanyl.
Throughout his career, Prince received numerous accolades, including a Golden Globe, seven Grammy Awards, and an Academy Award. He was posthumously inducted into the R&B Music Hall of Fame in 2016. The recording artist reportedly has several hundred unreleased songs in his catalog.
