Prince Death: Singer's Estate Could Be HIt WIth A Huge Tax Bill [VIDEO]

Dozens of people are coming out and claiming to be Prince’s relative in hopes of getting a part of his multi-million dollar estate. But now it looks like that estate might not be worth as much as we thought.

A man named Douglas Peterson, who works as an attorney for Bremer Trust, the company that handles Prince’s estate, told Carver County District Judge Kevin W. Eide that Prince’s estate owes the government about half of the cash value of Prince’s estate; which is said to be worth $300 million. Interestingly enough, if Prince didn’t have much money saved up, his belongings will have to suffice as payment.

It is possible Prince’s reported 2,000 unreleased songs will be a part of this as well as his guitars.

“The challenge we face is to spin yarn into gold under time pressure,” Peterson told the judge. Apparently all of this has to be settled by Jan. 21, NBC News reported Tuesday. “The point is this is a dynamic wide-ranging business, and we must keep on schedule to make the deadline.”

He added that if the deadline is not met, authorities will make sure they receive the money owed to them one way or the other.

“If we do not, the government will not wait. They will have a fire sale, and that is not in the best interests of anyone.”

Meanwhile, a man named Carlin Williams has claimed to be Prince’s sole heir and son and wants Bremer Trust to “hold down and stand down” until all of that is sorted out.

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