Prince’s Estate – reportedly worth more than $ 100 million – will release “Lost” album this summer

Heat

More than ten years after Prince originally recorded it, and five years after the iconic artist’s death, the long-awaited studio album Welcome 2 America should be announced on July 30 at Prince’s estate, which is in dispute with the IRS over taxes.

Key facts

The estate describes 12 album tracks, recorded in 2010, documenting the Prince’s “worries, hopes and visions of a changing society, which cautiously hint at an era of political division, misinformation and a renewed struggle for racial justice.”

The deluxe release coming out this summer will include the Prince’s full album and Blu-ray concert at the 2011 LA Forum.

Morris Hayes, a longtime Prince keyboardist, told CBS that Prince created the album before the 2010 “Welcome 2 America” ​​tour, but he never explained why he decided not to perform the songs.

Key quote:

“The world is filled with misinformation. George Orwell’s vision of the future is here. We must remain firm in the faith in the times to come,” Prince said Ebony magazine in a 2010 interview, roughly at the time he was filming Welcome 2 America.

Big number:

8,000. That’s an estimated number of unreleased songs that Prince kept in the vault in his studios at Paisley Park.

Key background:

Prince died from an accidental opioid overdose in April 2016. Minnesota authorities said they could not determine who provided the fentanyl that killed him. At the time, his fortune was estimated at between $ 150 million and $ 300 million. His sudden death resulted in a costly lawsuit after it was revealed he never made a will. Last year, the Internal Revenue Service determined the value of the property at $ 163.2 million, which is almost twice the value ($ 82.3 million) claimed by the property administrator, Comerica Bank & Trust. Accordingly, the IRS says the property owes an additional $ 32.4 million in federal taxes, as well as a $ 6.4 million “accuracy penalty.”

What to look out for:

CBS 60 minutes will broadcast a detailed report on Welcome 2 America album and other unreleased music from Prince this Sunday.

Tangent:

Prince fans were invited to Paisley Park later this month to commemorate the fifth anniversary of Prince’s death, while a network memorial will also be held for fans who cannot travel to Minnesota. The prince’s “home and creative shrine opens the door for fans to pay their respects and celebrate their lives,” a statement from his estate said, adding “guests are also welcome to be in front of the Love Statue Symbol” in front of the main entrance.

Further reading:

Prince’s Estate sues IRS over $ 163 million tax claim (Forbes)

The prince died without a will. What happens to his assets plus $ 150 million? (Forbes)

Prince died three years ago, his estate is still undeveloped: Here’s why (USA Today)

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