You could buy a fleet of small red corvettes and a lot of raspberry berets with the money from Prince’s estate, if the IRS is believed.
The domestic revenue service insists the singer’s property is worth $ 163.2 million and accuses administrators of undervaluing her 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, set the value at $ 82.3 million, but the IRS said in the federal tax court document that the estate of the “Purple Rain” singer is much larger, that another 32.4 are due millions of dollars in taxes, according to the Star Tribune.
The dispute prompted Comerica to ask the tax court for a lawsuit, which could remove the real estate struggle for years and could generate legal fees to drain the estate even further.