celebrity radar - gossips

I.R.S. Admits Prince’s Estate Was Undervalued

Published

4 years ago

January 5, 2021

I.R.S. Admits Prince’s Estate Was Undervalued- The federal government is seeking nearly $39 million in taxes and fees based on a valuation of Prince’s assets that his estate disputes.

For almost five years, the estate of Prince has been one of the music industry’s most drawn-out and complex legal thickets, as the star’s heirs aligned in two factions and business conflicts developed over Prince’s storied “vault” of unreleased music.

Now the estate also has a problem with the I.R.S.

In filings with the U.S. Tax Court, it is clear that the estate and the federal government differ greatly on the value of many of Prince’s assets, including real estate, music rights and the value of Prince’s name and likeness. According to the Internal Revenue Service, the estate is worth $163.2 million — about double the $82.3 million claimed by Comerica Bank & Trust, the estate’s administrator.

The court filing includes a copy of the I.R.S.’s “notice of deficiency,” dated June 2020, which said that the estate owes an additional $32.4 million in federal taxes from 2016, as well as a $6.4 million “accuracy-related penalty.” Comerica has requested a trial in St. Paul, Minn., over the dispute.

Prince died at age 57 in April 2016, from an accidental overdose of an opioid painkiller. But while he was known for retaining ownership of much of his work, including his music publishing rights — the copyrights related to his songwriting — he left no will.

Much of the discrepancy in the valuations is related to Prince’s music rights. The estate had set the value of NPG Music Publishing, the collection of his songwriting copyrights, at $21.2 million; the IRS believes it is actually worth $36.9 million. The estate had also set the “writer’s share” of Prince’s songwriting rights at $11 million, but the I.R.S. believed that was worth $22 million.

And the I.R.S. values Prince’s ownership of his record label, NPG Records, at $46.5 million, not the $19.4 million claimed by the estate.

The papers also show that the estate and the I.R.S. differ on the value of various real estate properties that belonged to Prince, including some 149 acres in undeveloped land in Chanhassen, Minn., the suburb of Minneapolis where Prince maintained his studio and creative headquarters, called Paisley Park. According to the court filing, an independent appraiser had set the value of that land at $11 million, but the I.R.S. said its fair market value was really $15 million.

Representatives of Comerica, which has operated as the estate’s “personal representative,” a role similar to that of an executor, declined to comment on Monday.

The tax dispute is the latest complication in the estate, which has had a series of problems that have resulted in millions of dollars in fees to lawyers but a delay in payments to the six adult family members who are Prince’s heirs. (One of them, Alfred Jackson, a half brother to Prince, died in 2019.)

For example, a $31 million deal with Universal Music for rights to Prince’s “vault” — his trove of unreleased recordings — was rescinded by a judge, after Universal complained that a representative of the estate had misled them about exactly what rights were offered. (The deal later went to Sony, which has since released a number of albums.)

Alex Weingarten, a partner at the Venable law firm in Los Angeles, who often handles entertainment litigation and probate issues and is uninvolved in the Prince dispute, said that Prince’s case was unusual in that he had made no plan for his estate. But the dispute with the I.R.S., he said, was not unexpected.

“Whenever you’re dealing with estates of any significant size,” Mr. Weingarten said, “it’s not uncommon to have valuation disputes with the I.R.S.”

celebrity radar - gossips

Ayra Starr’s Mother Sparks Buzz with Confession About Her Mystery Crush

Published

2 hours ago

December 23, 2024

Sahara Weekly

Ayra Starr’s Mother Sparks Buzz with Confession About Her Mystery Crush

The mother of Nigerian Afrobeat sensation Ayra Starr has sent social media into a frenzy with a playful revelation about having a crush on someone who, humorously, calls her “mummy.” In a video that quickly went viral, she expressed her excitement about the possibility of meeting her crush at Ayra Starr’s upcoming show on Christmas Day.

Captioning the video, Ayra Starr’s mother wrote: “Wahala, my crush is calling me mummy. Anyways, we will meet at Ayra’s show on the 25th.” Her candid and lighthearted confession immediately captivated fans, sparking a wave of speculation about the identity of her mystery crush.

Many have taken to social media to guess the individual who has captured Ayra Starr’s mother’s affections. A popular theory among fans is that the crush might be none other than Don Jazzy, the renowned Nigerian music mogul and the boss of Ayra Starr’s record label, Mavin Records. However, Ayra’s mother kept the identity of her crush under wraps, leaving fans to wonder and eagerly anticipate any clues that might surface.

As the excitement for Ayra Starr’s Christmas Day show builds, fans are eagerly awaiting the event, with many now watching closely to see if Ayra’s mother’s cheeky prediction about meeting her crush will indeed come true.

Stay tuned for updates and watch the video below as the mystery continues to unfold!

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A post shared by The Tattle Room 🇳🇬 🌎 (@thetattleroomng)

celebrity radar - gossips

Self-Anointed Financial Guru, Geh Geh, Celebrates the Launch of His Luxury Hotel

Published

3 hours ago

December 23, 2024

Sahara Weekly

Self-Anointed Financial Guru, Geh Geh, Celebrates the Launch of His Luxury Hotel

Popular financial influencer and self-proclaimed guru, Geh Geh, has officially opened the doors to his new hotel, marking another milestone in his ever-evolving career. The hotel, a modern and tastefully furnished establishment, was unveiled on December 22nd amidst a wave of excitement from his followers and supporters.

Taking to his X page a few days prior to the launch, Geh Geh teased his fans with the announcement, hinting at the grand opening. True to his word, the influencer shared clips from the event, including a moment where his pastor prayed over the establishment during its official dedication.

The event was attended by friends, family, and well-wishers, who gathered to celebrate his achievement. Online reactions, however, have been a mix of admiration, skepticism, and humor as netizens took to social media to share their thoughts on Geh Geh’s latest accomplishment.

Social Media Reactions

The news of Geh Geh’s hotel opening has sparked lively conversations across social platforms. Some users congratulated him on his success, while others questioned the legitimacy of his wealth and mocked the idea of a pastor blessing a hotel.

@BIG🌍 AP❣️: “Finally, Geh Geh don get the congratulations 🎉 way him dey find since lol 🤣🤣 Congratulations 🎉 Opueh Presido.”
@ucheuch2 MMM: “Geh Geh no get hotel.”
@Quency baby 🫂🥹: “Dem open hotel, pastor dey pray 🤦‍♀️.”
@Elbulletin: “So this guy gets money?”
@Boy alone💜🧎‍♂️🧎‍♂️☹️: “Omo, wait oh, na Geh Geh really get am? Omo, if na him, I go start worship Geh Geh online oh 😞.”
@Babatunde Phillip: “Imagine a pastor attending the opening ceremony of a hotel where Geh Geh said girls go cryyyy.”
@user97174499693224: “So pastor dey pray for hotel opening 😂😂😂.”
@ABIODUN__🌴💙🚬: “I dey cryyyyyyy now, if to say I know, I for worship Geh Geh online 😭😂.”

While the reactions may vary, one thing is clear: Geh Geh knows how to command attention. As he steps into the hospitality business, all eyes will be on him to see if the financial guru can translate his influence into success in this new venture.

@unclenasco_

Congratulations to Geh Geh , he has finally opens his hotel 🏨

♬ original sound – Nasco

Sports

Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

Published

1 day ago

December 22, 2024

Sahara Weekly

Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

Ukrainian boxing sensation Oleksandr Usyk retained his heavyweight championship titles and cemented his place in boxing history with a unanimous decision victory over Britain’s Tyson Fury in their rematch on Saturday night.

The judges scored the bout 116-112 in Usyk’s favor across the board, marking his second consecutive win over Fury. This victory extended Usyk’s flawless professional record to 23-0, with 14 knockouts, adding another chapter to a career already highlighted by Olympic gold and an undisputed cruiserweight championship.

A Masterclass Performance

Usyk, 37, showcased his signature precision and relentless pace, repeatedly catching Fury with clean left hooks and dominating the latter stages of the fight. Fury, at 6ft 9in (206cm) and weighing a career-high 281 pounds, attempted to impose his physicality but was unable to break Usyk’s composure.

The fight, held in Saudi Arabia, saw Usyk wearing traditional Cossack attire during his entrance, while Fury entered the arena dressed in a festive Santa-inspired robe to Mariah Carey’s “All I Want For Christmas Is You.”

The early rounds were competitive, with Fury landing powerful jabs and body shots. However, Usyk’s endurance and tactical brilliance began to shine in the middle rounds. The Ukrainian landed sharp combinations and dictated the tempo, including a stunning uppercut in the final round that left little doubt about the outcome.

“I thought I’ve won both fights,” Fury said post-match, sporting a bruised right eye. “But I’ll always believe until the day I die that I won that fight.”

A Legacy Sealed

Usyk’s victory solidified his standing as one of the greatest heavyweights in history. Already the first undisputed heavyweight of the four-belt era, Usyk joins the ranks of legends like Muhammad Ali, Joe Louis, and Mike Tyson.

The bout, reported to have a prize purse of $190 million, also underscored Saudi Arabia’s growing influence in global sports. Usyk, who served briefly as a soldier during Russia’s invasion of Ukraine, celebrated his victory by hoisting a symbolic sabre belonging to Ukrainian nationalist hero Ivan Mazepa.

Fury’s Uncertain Future

The defeat leaves Fury’s future in doubt. Once unbeaten across 35 fights, Fury now stands at 34-2-1. His attempt to reclaim glory after a brief retirement in 2022 has been marred by back-to-back losses to Usyk.

Usyk, on the other hand, continues to add to his already remarkable resume, leaving fans and critics alike in awe of his technical skill, resilience, and determination. As the heavyweight division looks ahead, Usyk’s reign appears unshakable, and his place among boxing’s all-time greats is firmly secured.