James Brown Estate Assets Sold For $90 Million
James Brown’s assets from his estate have sold for an estimated $90 million.
According to the New York Times, Primary Wave Music is the new owner of the “Godfather of Soul” estates’ assets including music rights, real estate and control of the singer’s name and likeness.
The executor of the estate, Russell L. Bauknight, shared that the money will be used to endow the Brown Scholarship trust “in perpetuity.”
A provision in the deal says that Primary Wave will contribute a “small percentage” of some deals to the scholarship trust, that will support underprivileged children in South Carolina, where Brown was born, and Georgia, where he grew up.
For the last 15 years, the estate has been involved in litigation as several people, including five children of Brown, have attempted to have their father’s will set aside to attain significant shares of the estate, Bloomberg notes.
Numerous lawsuits in state and federal courts have been filed by current and former executors further delaying the process.
Primary Wave Music also owns interests in Whitney Houston’s estate and Prince’s estate.
