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Was Prince Having Money Issues Before He Died? Yeah. Big Ones.

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)

Alan Cross

is an internationally known broadcaster, interviewer, writer, consultant, blogger and speaker. In his 40+ years in the music business, Alan has interviewed the biggest names in rock, from David Bowie and U2 to Pearl Jam and the Foo Fighters. He’s also known as a musicologist and documentarian through programs like The Ongoing History of New Music.

Alan Cross has 38321 posts and counting. See all posts by Alan Cross

2 thoughts on “Was Prince Having Money Issues Before He Died? Yeah. Big Ones.

  • Once again I have to refer to Kevin Smith on Prince. The camel story.

  • He never wanted to GIVE away his music by selling it off for movies, commercials and such. It was his art and he treasured it dearly and regardless of his spending habits at the end of the day he wanted to have full ownership and control of his art and not have anyone i.e.: big business exploit what he created. You have to admire him for not giving in to the machine.


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