The strong rumor has turned into an official reality:
Prince did not leave a will and testament when he died.
As previously reported, Tyka Nelson - the sister of the legendary singer, who passed away at his home in Minnesota on Thursday, April 21 - filed a petition yesterday that requested a special administrator to be placed in charge of her brother's considerable estate.
In response, TMZ now writes that a judge has legally assigned a bank (the Bremer Trust) to manage Prince’s assets.
According to Nelson, her brother did business there for years and placed a great deal of trust in the business.
Therefore, the job of distributing Prince’s fortune to his heirs (in this case, his brothers and siblings) now falls to Bremer Trust, which could be a challenging endeavor.
Contrary to previous chatter, Prince was not broke at the time of his death.
His fortune is estimate to be worth around $150 million.
Because judge only made the bank the administrator for up to six months, a personal representative will need be appointed at some point.
If more than one relative vies for this position, things could turn ugly.
It's just a sad fact of life that things often turn ugly when so much money is at stake.
Prince was only 57 years old when he died last week.
It may take several weeks for the autopsy results to be made public, leaving the star's millions of fans in the dark regarding just what happened to Prince in his final days.
For now, all we can say for certain is that he was hospitalized on April 15 with flu-like symptoms... but quickly returned to the stage the following day.
He was believed to be in relatively good health when he suddenly passed away.
We'll continue to update readers with information about Prince, his state and his family as news breaks.