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Thursday, October 13, 2016

Prince’s Vault of Unreleased Music to be Sold for $35 million

According to some reports, Prince’s vault of unreleased music is being tossed around by record labels for a price of $35 million. This treasure trove comprises of songs such as Electric Intercourse, Rebirth of the Flesh and Extraloveable. These songs have not been issued officially and fully even though they were bootlegged quite widely. The vault is also said to comprise of hundreds of hours of concert footage and live recordings. Billboard magazine has reported that all the three important record labels are in talks regarding the material.

An unnamed source was also quoted by the magazine, which revealed that a deluxe edition of Purple Rain, which had been announced back in 2014, but hadn’t surfaced, would also get a release date in the next year. A new compilation of the greatest hits of the singer is also expected to be released at the end of this year. The infamous Vault is kept safe in the basement of the Purple Rain singer’s Paisley Park home in Minneapolis. The room is only accessible by lift and is climate-controlled. It boasts a steel door accompanied by a large spinning handle and a combination lock.

The code for opening the safe was only present with the late singer. After his death in April, the company given responsible for his estate had to drill open the safe. Susan Rogers, the former recording engineer for Prince, said that she had started the vault in the 1980s for the singer. When she left him in 1987, the facility had almost reached full capacity and it also includes songs that are way before the singer’s legendary Purple Rain album. She added that the tapes included some very personal songs that the singer hadn’t been comfortable in releasing and even late-night jam recordings.

Nonetheless, the ownership of the music isn’t clear as yet. Most of the stuff was recorded while Prince was under contract with Warner Bros. Subsequently, he had also signed one-off deals with several independent labels, all the major ones and also with Tidal streaming service of Jay-Z. The musician didn’t leave a will behind when he died in April due to a painkiller overdose. Courts are going to decide how his estate is going to be divided as a number of potential heirs have stepped forward after his death. On Thursday, a tribute concern to the star will be held in St Paul, Minnesota and will include performances from Tori Kelly, Stevie Wonder, Chaka Khan, Christina Aguilera and Prince’s first wife Mayte Garcia.        

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