Prince's estate valued at $163 million, owes $36 million

The IRS has determined Prince’s estate to be worth $163.2 million — nearly double the $82.3 million valuation put forth by the estate, NBC reports. Court documents put the balance of the discrepancy largely on music publishing rights and “recording interests.” As a result, the IRS is seeking an additional $32.4 million in federal taxes, as well as a $6.4 million “accuracy-related penalty” for “substantial” assets undervaluation. Prince left no will, leaving it to his estate to wade through some messy legal waters. All of this legal drama has meant that Prince’s heirs, his six siblings, have yet to see a cent of their inheritance. Meanwhile, the estate has paid out tens of millions to consultants and lawyers.