Family members of the late megastar Prince are looking for someone new to shepherd his multimillion dollar estate.
In a petition filed Tuesday in Carver County District Court, Prince’s sister Tyka Nelson asked for either Fiduciary Trust Co. International or Comerica Bank & Trust N.A. to replace Bremer Trust, which has served as special administrator since shortly after Prince’s death.
Prince died April 21 of an accidental overdose of the painkiller fentanyl, leaving no will. His estate is thought to be from $100 million to $300 million, before taxes.
The Associated Press recently calculated the estate’s value at $200 million, based on court filings.
Nelson’s petition described “an exhaustive and comprehensive search process” for a Bremer Trust replacement.
“Over a dozen national financial institutions have been vetted, several rounds of in-person interviews have been conducted and each institution’s qualifications, staffing levels and plans for administering this estate surveyed in exhaustive detail,” the petition said.
Bremer Trust’s term as special administrator has been limited since it began — a fact that one of the bank’s attorneys pointed out in a letter Wednesday to Carver County District Judge Kevin Eide, who is presiding over the estate case.
“As you know, Bremer Trust informed the court months ago ... that Bremer Trust was not interested in continuing as Special Administrator after its current term expires,” the letter said. “That remains Bremer Trust’s position.”
However, the letter continued, there should be agreement among the heirs before a replacement is chosen.
“We do not believe there is a current emergency that requires the court to appoint a successor before all nonexcluded heirs have been heard and the court is satisfied that the successor is ready and able to take over the administrative duties of this estate,” the letter said.