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Trust Company Appointed Temporary Manager of Prince's Estate

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9 Apr 2016 02:11 PM EST

-by Laura Tucker, Staff Writer; Image: Prince Rogers Nelson performing in the 1980s (Image Source: Yves Lorson via Wikimedia Commons)

We've been hearing this week that Prince might not have had a will, and that if that is the case, by Minnesota law, his closest living relative would be rewarded with his estate. In this case it would be his full sister, Tyka Nelson.

Out of all this confusion, a trust company has now been appointed to help manage his estate until someone else officially takes over.

Prince was divorced twice, and his only child died at just one week old. His sister Tyka, also a singer, is a recovering addict who at one time lived in a crack house. She and her brother were somewhat distant at one point but grew closer as of late. In addition, he has five half-siblings from his father's second marriage.

After stating earlier that she believed there was no will and that she was the only benefactor, Tyka asked for the appointment of a special administrator because she believed immediate decisions need to be made regarding his business interests.

Brewer Trust has now been named special administrator of the estate as the result of an informal telephone conference with Prince's possible heirs and a judge.

The judge has decided that Bremer Trust has the authority to manage and supervisor the musician's assets and to determine his heirs. They will have this role for six months or until a personal representative is appointed.

It has been said that the estate could be worth as much as $800 million. In addition to that there is a known vault that contains up to 2,000 recordings of his that were never released. Prince was in control of those as well as all of his other music.

However, because of Prince's close association with the Jehovah's Witnesses, some have assumed that he would have left at least some of his fortune to them, yet nothing in that realm has been substantiated yet.

Source: http://www.allmediany.com/articles/40410-trust-company-appointed-temporary-manager-of-prince039s-estate

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      The Jehovah's Witnesses put the former hotel, which has frontage on Willow and Pineapple streets, up for sale in May 2016.
      The purchaser, Kayne Anderson Real Estate Advisors, plans to transform The Towers into seniors housing and rename it The Watermark at Brooklyn Heights.
      “Meticulously maintained since its inception in the late 1920s, The Watermark at Brooklyn Heights epitomizes a Class A property with a unique redevelopment opportunity: To introduce modern, luxury living for seniors in Brooklyn and Manhattan,” Al Rabil, Kayne Anderson Real Estate Advisors' managing partner and CEO, said in a press release.
      The new owner is “committed to upholding the property's unique legacy,” Rabil said.
      The Boca Raton-based investment firm is the real-estate private equity arm of Kayne Anderson Capital Advisors L.P.
      Watermark Retirement Communities, a nationwide operator of seniors housing communities, is partnering with Kayne Anderson Real Estate Advisors on The Towers' redevelopment.
      The sale deed for the Towers has not yet appeared in city Finance Department records.
      But according to the Wall Street Journal — which was the first to report The Towers' sale — the price was about $200 million.

      The Watchtower paid $1,992,229.08 for The Towers in 1975, Finance Department records indicate.

       

      The Towers' rooftop terrace has views of the Brooklyn Bridge and the Manhattan skyline.
      Watchtower property sell-off moves closer to finish line

      The sale of The Towers brings the Jehovah's Witnesses a big step closer to completing their years-long effort to liquidate their once-vast property portfolio in Brooklyn Heights and DUMBO.
      The sell-off was precipitated by their decision to move their world headquarters to the upstate New York town of Warwick.

      “For those of us who lived in Brooklyn Heights, we'll remember The Towers not just as a landmark building but as a beautiful and comfortable home,” Watchtower spokesman David Semonian said in a statement.
      “With this most recent transaction, we close another chapter of our history in Brooklyn,” he said.
      Other buyers of the religious organization's properties include the Kushner Cos., which spent about $1 billion with investor partners on Brooklyn Heights and DUMBO Watchtower purchases.
      The firm was headed by Jared Kushner until he stepped aside to serve as senior adviser to his father-in-law, President Donald Trump.  
      http://www.brooklyneagle.com/articles/2017/11/1/jehovahs-witnesses-sell-towers-storied-brooklyn-heights-hotel
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