//platform.instagram.com/en_US/embeds.jsThere is trouble brewing at Paisley Park
Prince’s estate and Comerica Bank & Trust, the company that is in charge of managing the legendary rock star’s assets, had to relocate millions of dollars worth of rare Prince material from the Paisley Park in Minnesota to save the items from “mold and water damage,” according to a number of documents that were made available to the public.
The Prince heirs, Sharon Nelson, Norrine Nelson, and John Nelson, who are siblings of the star, are reportedly furious with Comerica Bank and filed a petition to dismiss the bank as representative of the estate last month partially in response to this incident.
But according to Comerica, the move had to be done. The material in the vault, which included 30 unreleased Prince albums, worth around $200 million, was in danger of being completely destroyed because of the water damage.
Here’s what was written in the documents:
“None of the spaces being used for storage… have climate control systems sufficient to preserve audio and video material,” state the documents. “During its inventory, the Personal Representative discovered several indications of damage and degradation due to poor humidity and temperature controls. It encountered cardboard boxes that were adhered to shelves and had to be peeled off, mold and water damage on the materials, rusting film canisters, degrading film that smelled of vinegar (a sign of acetate degradation), and evidence of water intrusion on walls and ceilings in the vault and elsewhere… (Additionally), Paisley Park is now a museum and open to the public, further heightening security concerns.”
The materials were moved to a storage center in Los Angeles.
Sharon Nelson, Prince’s eldest sister, is not buying this explanation. She released a statement saying:
“Despite all their costs, Comerica and their advisors do not know Prince 101 and music estate business. This is not a “learn on the fly” project and this estate is not like managing a new artist either. Paisley Park housed the vault for over 40 years and any needs to repair it should have been a priority. Comerica is a bank without the proper expertise and unwilling to take proper advice. There are other banks more qualified and we wish to work with them. We will not tolerate incompetence, waste, mismanagement, lack of communication or disrespect. We may be elders but we are very much WOKE. We look forward to presenting the case to the Judge later this month.”
We can already see that this is going to be a long drawn out fight.
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