(Bloomberg) -- James Brown wanted to use his estate to fund scholarships for needy children. Fifteen years after the death of the “Godfather of Soul,” that wish is coming closer to reality, the New York Times reported yesterday.
Primary Wave Music, which already owns interests in Whitney Houston's estate and Prince's among others, is buying James Brown's estate's assets for an estimated $90 million. The deal will include music rights, real estate and control of the singer's name and likeness.
The executor of the estate, Russell L. Bauknight, said the money will be used to endow the Brown scholarship trust “in perpetuity.” The deal includes a provision for Primary Wave to contribute a “small percentage” of some deals to the scholarship trust.
The estate has been involved in litigation for 15 years as several people, including five children of Brown, tried to get the will set aside and gain significant shares of the estate. Additionally, there are lawsuits filed by the current and former executors which must be decided or settled before any money can be paid out, Mr. Bauknight said.
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