A Carver County judge will make a ruling on Thursday on the probate over Prince's massive estate.

According to Judge Kevin Eide, the late singer has a complex fortune made up entirely of intangible intellectual property worth between $100 million and $300 million.

Nine individuals have filed formal claims to Prince's estate (including one prison inmate) with around 20 lawyers ready to represent them.

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Judge Eide was forced to hold an emergency hearing on Tuesday upon the request of Bremer Trust, the special administrator appointed on April 27, to administer Prince's assets.

According to Douglas Peterson, an attorney for Bremer, it is necessary for certain contracts to be negotiated as soon as possible to make sure that the late singer's estate will yield the maximum value.

Millions of dollars are at stake depending on how Prince's music catalog and other intellectual property are marketed. Likewise, money is at stake in another significant investment - Paisley Park studio in Chanhassen, Minnesota.

Bremer also wants to hasten the probate because of looming estate taxes that might wipe as much as half of the value of Prince's estate. 

Peterson said that Prince's estate might pay from $47 million to $146 million in taxes by Jan. 21 of next year, depending on how much his estate is valued.

"The government is not going to wait," Peterson warned. The estate will be forced to "fire sale" his assets to pay taxes at the expense of Prince's legacy, he explained.

Bremer wants the court to "high-test individuals with significant music industry experience," he said, arguing that there is no need to get the approval of potential heirs and their lawyers for complex estate decisions.

Meanwhile, a lawyer representing three of Prince's half-siblings has voiced agreement with Bremer's desire to get industry experts to take care of Prince's music catalog and his studio. However, a lawyer for one of the potential heirs asked Eide to direct Bremer to consult with all the claimant heirs and their attorneys on the matter.

The lawyers have until noontime Wednesday to make further suggestions as to how they want the compromise to be before Eide gives his decision at 9 a.m. Thursday.

Prince was found dead on April 21 at his building complex in Paisley Park following an accidental overdose of synthetic painkiller, fentanyl.

Tagskevin eide, Prince, prince's estate