Prince Had Money Problems
Sources say the singer wasn't worth as much as people think
By Evann Gastaldo,  Newser Staff
Posted Apr 25, 2016 5:15 PM CDT
In this May 19, 2013, file photo, Prince performs at the Billboard Music Awards at the MGM Grand Garden Arena in Las Vegas.   (Photo by Chris Pizzello/Invision/AP, File)

(Newser) – There are reports estimating Prince's net worth was $300 million when he died, but sources tell TMZ it was actually less than half that amount. Anonymous advisers to the singer say he wouldn't sell his music catalog, and he rarely licensed his music for use in commercials and the like. While he made money through concerts, sources say he often did the shows somewhat spontaneously, meaning they weren't promoted as well as they could be. Last but not least, the sources say he overspent. They also tell the gossip site that his affairs are in a bit of disarray because he often changed his team and didn't have attorneys with experience handling business affairs at his level, and that he died without a will, meaning his siblings could end up splitting his estate. (Check out some costume designs Prince thought were too effeminate.)