Graceland Holdings will no longer run Prince’s studio complex as a museum, as of October 1, reports Star Tribune.
Graceland, which operates Elvis Presley’s Graceland mega tourist attraction had been managing the museum since October of 2016, but now Prince’s estate will be in charge of operating the Chanhassen landmark.
“It was always the intent for the family to take over,” said Joel Weinshanker, New York-based managing partner of P Park Management Inc., which was created by Graceland Holdings in 2016. “It’s always been my desire for the heirs’ voice to become louder and louder.”
The contract expired and the “Diamonds and Pearls” singer’s sister, Sharon Nelson, who is the oldest of the iconic artist’s surviving siblings, said that the change of hands wasn’t because of unhappiness or economic reasons.
Nelson is unclear regarding the progression of the transition because the heirs have different opinions, which has resulted in Comerica, the estate’s administrator, making final decisions.
Trevor Guy and Kirk Johnson, two longtime Prince associates, will likely continue in their roles as creative adviser and Paisley Park estate manager, respectively. However, a new executive director will be named for Paisley Park.
Guy and Johnson had been working with the singer, songwriter, and musician on the idea of converting the 65,000-square foot studios into a museum part-time, with ideas that Prince had noted, prior to his passing on April 21, 2016.
Prince didn’t leave behind a will, so now his estate is held up with tax and legal issues. Prince’s assets are valued at around $300 million and have caused a huge tax burden although the singer’s family hasn’t been able to monetize all of the potential properties that Prince owned.
Prince’s original label, Warner Bros., and Sony, due to a new contract with the state, have reissued several of the legend’s albums, which includes a deluxe version of Purple Rain with a deluxe 1999 album due this year.
Two new collections will also be a part of the reissue, Piano & a Microphone 1983 and Originals, which is Prince’s version of songs that he wrote for the Time, Sheila E., and The Bangles, among other artists.
The singer’s memoir, The Beautiful Ones, will be released on October 29 via Random House. Prince worked on it prior to his death. His estate has also signed a deal with the streaming behemoth Netflix for a documentary series, which gives the filmmakers access to unreleased materials that include recordings, concert footage, movies, etc. that are stored in Prince’s Paisley Park vault.
Initially, director Ava Duvernay was slated to direct the project, but she recently stepped down, and her replacement should be announced soon.
Former land that Prince owned was sold, which included a 188-acre parcel in Chanhassen that is currently being developed into 169 homes by Lennar Corp.
On Monday (Aug. 26), in several meetings, staff members of Paisley Park were informed regarding the impending changes. Six days a week, tours of the museum are offered for prices ranging from $38.50 (general admission) to $160 (VIP).
Late Monday, the estate released a statement saying it’s “committed to continued growth and development of Paisley Park, passionately presenting Prince’s life and work and connecting authentically with his fans — both new and old — each and every day.”