Gold Bars Worth $800,000 Owned By Prince
Prince, RIP, owned gold bars worth just over $800,000 according to the statement filed in a Minnesota court last Friday.
At the time of his death, Prince had taken delivery of and had in his possession 67 gold bars, 10 ounce gold bars, valued at $836,166.70. That’s according to an asset inventory compiled by Bremer Trust released by the Carver County District Court, as first reported by the Minneapolis Star Tribune.
The release inventory showed that the “Purple Rain” singer had no stocks, bonds, or other financial assets, but did have a substantial amount of land, property, cash and gold bars.
Besides the gold bars, Prince also had “about $110,000 in four bank accounts, unclaimed property, capital credits and cash” according to the Minneapolis Star Tribune.
He also had a dozen tracts of land in Carver and Hennepin, Minnesota that have an estimated total value of $25.4 million.
His estate has been valued between $100 million and $300 million before taxes, which are expected to claim roughly half.
Among the items that have not yet been assigned a specific value are the ‘When Doves Cry’ singer’s musical instruments, household furnishings, jewellery and his famous ‘Purple Rain’ and ‘Graffiti Bridge’ motorcycles.
In addition, the value of Prince’s copyrights and trademarks are still unclear.
Prince’s companies, Paisley Park Enterprises Inc., NPG Records Inc., NPG Music Publishing and LotusFlow3r had more than $6 million in cash.
It seems likely that the land Prince owned was agricultural land as Minnesota is still a largely agricultural state.
From Wikipedia on Minnesota:
Although less than one percent of the population is now employed in the agricultural sector, it remains a major part of the state’s economy, ranking sixth in the nation in the value of products sold. The state is the U.S.’s largest producer of sugar beets, sweet corn, and green peas for processing, and farm-raised turkeys. Minnesota is also a large producer of corn and soybeans
Prince, like many artists, preferred hard, tangible assets to paper assets such as bonds and stocks. It seems that he also understood the value of diversification and owning physical gold as financial insurance.
Possession is 9/10s of the law – especially in a financial crisis. He had worked hard all his life and did not want to be a “slave” to the banks, corporations and the financial system.
Contrary to some media, Prince was no crazy “gold bug” or “Scrooge McDuck” who was “hoarding” gold for Armageddon.
Prince’s hard asset portfolio had an allocation to gold of about 2% of his overall portfolio. We would advise higher allocations of 10% plus for investors and savers. However, for high net worth individuals that allocate to physical gold, 2% is a healthy allocation if taking possession of gold coins and bars.
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