Prince Estate Looks To Sell Vault Of Unreleased Music For $35M
The value of Prince’s vault—which is said to be brimming with thousands of unreleased songs—has finally been approximated.
According to Billboard, Prince estate advisors Charles Koppelman and L. Londell McMilan are looking to sell the vault for as much as $35 million.
A source close to the situation said the “Big Three” record labels—Universal Music Group, Sony Music Entertainment, and Warner Music Group—are all in talks to acquire Prince’s music vault.
TCB’s July feature “A Princely Sum” noted the difficulty involved with properly appraising so many locked away recordings.
“There is some guesswork involved in determining how much money the estate can profit from his future royalty streams, the unreleased music, and Prince’s name and likeness,” said Andy Mayoras, an estate attorney and co-author of Trial & Heirs, a book about celebrity estate-planning debacles.
What still isn’t clear is the extent of the vault’s contents. Susan Rogers, who spent years as Prince’s recording engineer, said by the time she left in 1989 there were already more than 2,000 songs in the vault. On top of that, Prince’s former tour manager Alan Leeds said Prince also recorded every concert he ever played, meaning there are potentially hundreds, if not thousands, of live show recordings that could be curated and sold.
Billboard’s source added that at least one Prince release is coming out in the near future. As part of a 2014 deal Prince made with Warner Bros., the record label is said to be releasing a deluxe edition of Purple Rain. That release, along with a new greatest hits collection, is expected to drop in the coming months.