Despite the appearance of a lavish lifestyle, Prince was often in financial turmoil.
According to a report in TMZ, the singer had "chronic money problems" for years preceding his death, mainly because he refused to leverage his music for financial gain.
Singers of Prince's caliber typically make a fortune off licensing the rights to their music for movies, TV shows, commercials and video games. Prince, though, consistently turned down these opportunities, with just a few exceptions.
The iconic singer mainly made money through concerts, but those were even a crap shoot at times.
Sources said the "Purple Rain" singer was "so impulsive" he would do shows at the spur of the moment with poor planning and little promotion. Sometimes these shows were successful. Many others times, however, he lost a significant amount of money.
At the end of the day, it was all about the input and output of money. Prince often spent more than he made, the website says. Again, he could have solved this issue by licensing his music catalog more often.
Although his estimated net worth was reported to be about $300 million, the report states that it was actually about half of that, which is clearly still a lot of money.
For Prince, who made an emergency landing a week prior to his death, he may not have had competent people around him to handle his music catalog.
Sources said that he often switched up his team of advisers, especially if he didn't agree with their stances. He also apparently didn't have a good legal team in place with the kind of experience needed to sort out business affairs.
His family is now scrambling to pick up the pieces and preserve his memory. His sister, Tyka, has been making most the decisions since her brother's sudden death. But, there is still a lot of uncertainty about who will control the rights to his music.
There should be an influx of money headed to his estate this week, though. Since his death on April 21, his album sales have shot up, giving him the No. 1 and No. 2 spots on the Billboard 200 Album's Chart for "The Very Best of Prince" and "Purple Rain," respectively.
Billboard said "The Very Best of Prince" sold the equivalent of 179,000 albums, 100,000 of which were traditional album sales. "Purple Rain" moved 69,000 copies, 63,000 of which were traditional sales.
- Dec. 07, 2017 See the beautiful stars who prove age is just a number!
- Dec. 05, 2017 Relive the greatest TV moments of 2017