Bosses overseeing Prince’s affairs have been accused of undervaluing the music icon’s estate by at least half of its actual worth.
U.S. tax authorities at the Internal Revenue Service believe the “Purple Rain” legend left behind an estate worth more than $160 million – but his money managers have filed paperwork valuing his assets at just over $80 million.
Now IRS officials are taking the issue to court, demanding a payment of $32.4 million, in addition to a $6.4 million penalty for what they insist are inaccurate figures.
Estate administrators have denied the allegations, and are standing by their valuation, according to TMZ.
Prince died from an accidental drug overdose in 2016, without a will in place, leading to several legal challenges mounted by his siblings, who were named his equal heirs.