I once heard a story–third-hand, of course–about Prince and his money problems. He might have been a musical genius but he had no concept of money, especially in the years after he stopped selling records by the tens of millions–i.e. in his post-Warner Brothers era, especially after Napster hit.
The story was he’d spend, spend and spend until his people said, “Uh, your Purpleness? Your bank accounts are dangerously low. Maybe it’s time to reign in your spending?”
“Just book me another tour. That will fix everything.” And it did again and again. Repeat. Rinse.
TMZ is doing some of the best reporting on the Prince story. They offer this:
Our sources — all of whom had regular contact with Prince and were intimately familiar with his finances — tell us, the singer refused to leverage or sell his main asset — his vast music catalog.
The most common way singers like Prince make a steady flow of income is to sell or license their art. We’re told Prince consistently shut down business opportunities that could have fueled his finances. Prince had numerous opportunities to use his music in movies, TV shows and commercials, but with few exceptions, he turned thumbs down.
So what about these reports that he left a fortune of $300 million? Not so fast. Read on. Meanwhile, Prince was extremely generous when it came to giving his money away. Rolling Stone has a report on that. (Via Michael)