Before his death, Prince had lingering money problems, say multiple sources who advised the artist.
Those who were closely acquainted with the 57-year-old pop legend's finances told TMZ that the singer refused to sell his vast music catalog.
Musicians regularly make income from licensing their art, but Prince constantly shut down commercial opportunities which could have helped solve his money problems.
He had numerous chances to license his music for movies, TV shows and commercials. Never wanting to sell out, Prince turned down all of the offers, with few exceptions.
Prince primarily made money through concerts, but, due to his impulsiveness, would often hold impromptu shows with little or no promotion.
Although many concerts were successful, Prince lost considerable sums of money on the ones that weren’t.
But the main issue was that Prince reportedly spent more money than he made and was constantly strapped for cash. Most recently, he had commissioned a purple Yamaha piano for his latest tour, reports Page Six.
It’s been estimated that Prince’s net worth was $300 million, but that number was grossly inflated, and sources say it’s actually less than half that. It also remains unclear who will inherit his estate.
On April 21, Prince was found unconscious in an elevator at his Paisley Park Studios in Chanhassen, Minnesota. Emergency responders attempted CPR, but failed to revive the singer.
Officials are still waiting on toxicology reports to determine cause of death. The music legend was cremated April 23, and close friends and family held a small ceremony in his honor.