Prince's estate wants to start selling property because of costs - Bring Me The News

Prince's estate wants to start selling property because of costs

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Attorneys fees to figure out Prince's estate have topped $2 million, and the special administrator is hoping to sell off some of the star's property to pay for ongoing costs associated with estate proceedings.

This is according to documents released Monday by Carver County District Court.

Bremer Trust, which is serving as the special administrator of the estate until an heir can be identified, filed a motion requesting authorization to sell some "residential real estate parcels."

The reason? Bremer Trust says it's because of the "costs of maintaining those properties" as well to "maximize the available liquid funds to assist the estate in meeting its expected financial obligations."

The sale price of the property can not be less than 90 percent of the appraised fair market value, the motion notes.

What Bremer Trust is looking to sell isn't known, and the special administrator has asked for that information to be sealed "given the need for confidentiality in the negotiations and the potential harm to the estate from disclosure that could compromise the bidding, negotiation and sale process."

Prince is known to have real estate in Minnesota, and elsewhere, including California and New York, TMZ reports.

Carver County Judge Kevin Eide still needs to sign off on Bremer Trust's motion before the special administrator can start selling properties.

6 potential heirs remain

Last week, Judge Eide narrowed down the potential heirs of Prince's estate to six who must undergo genetic testing.

Those potential heirs include: Prince's sister Tyka Nelson; half-siblings John Nelson, Norrine Nelson and Sharon Nelson; Brianna Nelson, who alleges her father was Prince's half-brother; and a minor identified in court documents as V.N.

The order, released publicly Friday, eliminated 29 people who said they were related to the musician, including 18 people who said they were Prince's kids, and another man who claimed to be Prince's father, CNN reports.

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