[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/administrators-file-for-permission-to-sell-some-of-princes-property-new-york-ny-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/administrators-file-for-permission-to-sell-some-of-princes-property-new-york-ny-white-plains-ny\/","headline":"Administrators File for Permission to Sell Some of Prince\u2019s Property","name":"Administrators File for Permission to Sell Some of Prince\u2019s Property","description":"Real estate holdings may go on block to pay some of upcoming bills. Some of real estate holdings held by Prince\u2019s estate may be sold relatively soon, according to TMZ in \u201cPrince Everything Must Go&#8230;Estate Ready to Dump Properties.\u201d The sale may be necessary because it has been estimated that the total estate tax bill [&hellip;]","datePublished":"2016-08-18","dateModified":"2023-08-06","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso &amp; Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01bb0929bf4f.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01bb0929bf4f.jpg","height":750,"width":1050},"url":"https:\/\/www.amorusolaw.com\/blog\/administrators-file-for-permission-to-sell-some-of-princes-property-new-york-ny-white-plains-ny\/","about":["Estate Planning"],"wordCount":260,"keywords":["Estate Planning","Estate Tax"],"articleBody":"Real estate holdings may go on block to pay some of upcoming bills. Some of real estate holdings held by Prince\u2019s estate may be sold relatively soon, according to TMZ in \u201cPrince Everything Must Go&#8230;Estate Ready to Dump Properties.\u201dThe sale may be necessary because it has been estimated that the total estate tax bill that Prince\u2019s estate will have to pay will be in the neighborhood of $150 million. The bill is that high because Prince did not have an estate plan that accounted for either the federal estate tax or the Minnesota estate tax.The special administrator for the estate has filed a motion with the court seeking permission to sell some of the real estate and says it will not accept an offer that is less than 90% of fair market value. The musician is known to have had real estate holdings in several different states, but which properties might be sold has been sealed.Ultimately, the judge will have to approve of the plan to sell before the properties are listed.If the judge approves the plan, it will likely not be the last things of the musician\u2019s that will be sold. The estate tax bill is high enough that much more will likely need to be liquidated in the next few months so the estate can pay the taxes on time and avoid fines and penalties.Reference: TMZ (Aug. 1, 2016) \u201cPrince Everything Must Go&#8230;Estate Ready to Dump Properties.\u201dFor more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Administrators File for Permission to Sell Some of Prince\u2019s Property","item":"https:\/\/www.amorusolaw.com\/blog\/administrators-file-for-permission-to-sell-some-of-princes-property-new-york-ny-white-plains-ny\/#breadcrumbitem"}]}]