Prince’s Sister Sells Percentage Of His Estate To Private Equity Fund: Report
Prince’s sister has unloaded a portion of her one-sixth share in her late brother’s estate. Tyka Nelson filed court documents confirming that she sold some of the estate to Primary Wave IP Fund, The Blast reported on Monday (Dec. 3).
“I have the opportunity to consult with separate legal counsel and financial advisors and have been fully advised by my legal counsel and financial advisors of the rights I enjoy as an heir to the Estate and the legal, financial, and personal implications of entering into the Expectancy Interest Transfer Agreement,” Nelson stated in court documents obtained by the website.
At Nelson’s request, Primary Wave IP will now be involved in “all matters” regarding the estate. Primary Wave has reportedly requested to keep the details of the acquisition sealed.
Nelson allegedly owes more than $850,000 in legal bill from multiple law firms that worked on the music legend’s estate issues. Prince died without a will in 2016. His estate was split between six heirs, including Tyka and his half-siblings, Sharon Nelson, Norrine Nelson, John Nelson, Alfred Jackson and Omarr Baker. Jackson, 66, died earlier this year.
Founded in 2006, Primary Wave is one of the largest independent music publishing, talent management, branding and digital marketing companies in the country. In recent years, the company has acquired the catalog of jazz great Count Basie, and a portion of Bob Marley’s music catalog.
In other Prince news, the estate recently announced a special collaboration with Call & Response, the fashion line created by Toronto design duo Cathy Robinson and Lori Marcuz who dressed the Purple One from 2011 until 2016. The collection of hand-crafted custom jackets, vest and hand-dyed tunics is inspired by Prince’s 1999 album.