The precious metals holdings of Prince, the legendary musician who
died unexpectedly April 21 from a prescription drug overdose, were
apparently quite significant, according to a recent report from the Star Tribune.
The Minneapolis newspaper reports that Prince had in his possession
at the time of his death 67 gold bars, each weighing 10 ounces. With
the price of gold at $1,193 per ounce on Jan. 11, the total value of
Prince's gold is around $800,000.
Prince didn’t leave a will, and a lawsuit over the rights to his
possessions has been ongoing since April. The lawsuit has led to more
clarity about his assets and how much the superstar was worth.
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It is unclear where he purchased or received the bars.
Prince’s businesses and properties in total are valued between $100
and $300 million, roughly. In addition, his companies Paisley Park
Enterprises Inc., NPG Records Inc., NPG Music Publishing and
LotusFlow3r had around $6 million in cash on hand at the time of his death.
The Minnesota native’s jewelry collection, cars and house
furnishings also add to his impressive list of tangible assets.
Read the Star Tribune's full breakdown of
Prince's assets here.
Gold is a safe-haven asset
Why do people like Prince invest in gold?
Gold investing has historically been viewed as a hedge against the
unpredictability of the overall economy, and in turn, a safe haven
when other markets experience a downturn.
Gold is valuable. That is based on the fact that we know there’s not
a lot of it, and we know it is appealing to people. So while the
health of someone’s investments in the stock market is subject to the
performance of the companies invested in, gold is a known commodity
with a value that, while it does fluctuate over time, generally does
not fluctuate with the suddenness that a company’s stock can.