Major record labels bidding as much as $35 million for Prince’s unreleased music
Earlier this year, Prince’s fabled music vault—the one filled with even more of his genius—was finally opened, though an accounting of the musical gems within has never really been made. The late icon had spoken openly about the collection, which was indeed secured in some kind of stronghold, musing that he didn’t think he’d be able to release all of those tracks in his life. While we still don’t really know what was in the vault, the contents are reportedly up for sale, and poised to fetch as much as $35 million.
That’s according to Billboard, whose source indicates that there’s a bidding war among the three major record labels (Sony, Warner Bros., and Universal). Prince’s estate administrators Charles Koppelman and Londell McMillan have reportedly been mulling publishing offers since at least August, but they declined to comment on this latest news of a sale. Billboard notes that even after the vault’s bounty has been assessed, tracing the ownership of the material could prove difficult. That’s because Prince was under contract at Warner Bros. from 1977 till the ’90s, then signed on to standalone or otherwise short-term deals with Universal, Sony, Epic, and more, as well as indie labels and streaming services.
And there’s even more good news for fans, as Billboard reports that a deluxe edition of Purple Rain is slated for release in 2017. A Prince greatest-hits collection is also due next year.