Report: Prince Had Serious Money Problems
Prince had serious money issues in the years leading up to his death, according to TMZ.Prince regularly turned down licensing deals from movies and TV shows that wanted to use his huge catalog of music, which is a main stream of revenue for recording artists. And while he regularly went on tours, many of them were impromptu performances that didn't bring in big bucks due to the lack of promotions associated with the gigs, according to reports. In addition, Prince had no problem spending money, but he had a lack of control over his music empire. For example, his net worth is somewhere around $150 million, according to TMZ.
The biggest problem ... Prince spent way more than he made, and our sources say money was always an issue. As we reported, the estimated net worth of $300 million was grossly inflated. We're told it's less than half that. It's still a lot of money, but it could've been so much more if he'd cashed in on his greatest asset ... that catalog.It is still unclear who is going to inherit his estate following his death last Thursday. Prince was found unresponsive in an elevator in Paisley Park Studios in Minnesota. EMT attempted to perform CPR but, they were unable to save Prince. A four-hour autopsy was performed and was unable to determine his cause of death. Officials are currently awaiting results from toxicology tests, which could take several weeks. His body was later cremated on Saturday and his closest friends and family held a small private ceremony. Tributes to the late musician emerged through social media, TV shows and even Saturday Night Live. Via TMZ