Prince was like a modern day Elvis, only without the cultural appropriation. And his home studio, the iconic Paisley Park, could go the way of Elvis’ Graceland as Prince’s estate administrator explores a plan to make the home into a tourist attraction, according to court papers obtained by TheWrap.
Bremer Trust, according to the papers, seeks clearance to get a group of consultants “to provide advice and counsel on how to manage public tours of the grounds, facilities and buildings located at Paisley Park.” Judge Kevin Eide granted them that permission Wednesday, though he noted the possibility that Bremer might need to “enter into longer-term contracts regarding, among other things, licensing and publishing of intellectual property and the management of tangible property including Paisley Park.”
That income could be used to pay for a potentially massive tax liability resulting from Prince’s untimely demise. The judge wrote that Bremer Trust “must work expeditiously and diligently toward” resolving any tax issue.
However, he opened the possibility that the estate could pay back the taxes piecemeal.
“The Court recognized that the Estate will likely not be able to pay the entire tax obligation when it becomes due and some interest and, perhaps,some penalties, are likely before the entire tax obligation is paid,” Eide wrote.
But he said that the estate shouldn’t rush into anything in service of meeting a tax obligation.
“The looming tax obligation is certainly a consideration but it should not push the parties, the Special Administrator and the Court into acting in a manner that is not legally sound, is not prudent, and is not in the best interest of the heir[s],” he wrote.
Prince’s estate has been in disarray since the singer died of an opioid overdose. Both the multiplicity of heirs and the lack of a will mean that it could be tied up in expensive litigation for quite some time. This theme park could be a chance to finance things until they get sorted out.
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