Prince's Estate Reportedly Worth $200 Million — and It's Taken in $25 Million Since His Death

Plus: Prince's massive estate has reportedly raked in $25 million since the singer's death

Published on December 1, 2016 01:21PM EST

Newly released court filings suggest that Prince‘s massive estate is worth $200 million — but will likely shell out a large amount in federal and state taxes, the Associated Press reports.

Based on a court filing involving Bremer Trust, the institution handling Prince’s finances, his estate has an estimated value of about $200 million, according to the AP, who calculated the estimate and confirmed the number with two estate law experts.

One lawyer for Bremer Trust initially said that Prince’s unreleased music, musical catalog, Paisley Park studio complex and other assets could be worth between $100 million and $300 million.

However, the recent court filing seems to have pinned down the specific amount — it is the first specific estimate made public as a result of court proceedings following the music legend’s death.

Prince died at his Paisley Park compound in Chanhassen, Minnesota, of an opioid overdose on April 21.

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Since his death, the music pioneer’s estate has raked in $25 million, landing him the fifth spot on Forbes‘ 2016 list of highest-paid dead celebrities.

Before he passed away, Prince was earning nearly $2 million per show and has sold more than 2.5 million albums over the past year, Forbes reports.

Around the time of Prince’s death, a celebrity estate expert told PEOPLE that the estate was likely worth about $250 million — and could stand to see millions more in the coming years.

“I think that the minimum income flow over the next five years – minimum – is $100 million,” entertainment attorney Donald David told PEOPLE then.

Still, while his estate may be seeing more wealth, the AP reports that both taxes and Bremer Trust could cost the star’s massive estate an enormous sum.

Minneapolis estate law attorney Susan Link told the AP that the estate will be “writing a check for a whole lot of money” come tax season.

Meanwhile, with a fee of $90,000 per month, Bremer Trust is expected to make $1.08 million year, according to the AP, citing a memo signed by Laura Halferty, Bremer Trust’s lead attorney on the estate.