Was Prince Struggling Financially? Sources Claim ‘Purple Rain’ Singer Regularly Shut Down Business Opportunities, Spent Impulsively

Rumors have been swirling about Prince since his untimely death on April 21. While some claim the award-winning musician struggled with substance abuse, others fear his spending may have been out of control. Sources are disputing earlier reports that put the “Purple Rain” singer's worth at a whopping $300 million.

According to TMZ, Prince, 57 at the time of his death last week, was struggling financially for years prior to his passing. Sources claiming to be close to the pop culture icon say that he was quick to shoot down business opportunities that would have provided a steady source of income. He declined several offers to have his music included in movies, TV shows and commercials as well. The same sources told TMZ that Prince’s primary source of income was from concerts. The problem? He was reportedly spending his paychecks as fast — if not faster — than he was getting them. The publication reports that his estimated $300 million fortune is grossly inflated.

While the internet buzzes with rumors, those closest to Prince — friends and family members — have been quietly mourning their loss. People magazine reported that his sister Tyka Nelson, along with her son President LenNard Laeil Nelson and an unidentified third party were spotted after retrieving the “Little Red Corvette” singer’s ashes on Monday. Prince’s nephew was photographed carrying the urn in his arms, wrapped in a black leather jacket. It's not clear what they plan to do with the ashes.

A small and “somber” memorial was held for the beloved musician on Saturday, prior to his cremation. His former muse Sheila E. spoke to Entertainment Tonight, sharing details about the intimate ceremony held at his former home near Minneapolis, dubbed Paisley Park. She told the publication that she and 19 other people — including Prince’s sister and several close friends — were invited. They spent their time inside the home listening to his hits at a low volume while trying to cope with his death. Sheila E. told ET that many of the memorial attendees seemed to be in a state of shock.

Prince’s exact cause of death remains a mystery. Early reports speculated that the singer died due to complications related to the flu, which he had reportedly been battling in the days prior to his death. Others claim that Prince was battling with some substance abuse issues and may have accidentally overdosed on Percocet. He was seen refilling a prescription for the painkiller one day before his death. Billboard reported that store clerks were worried about him, noting that he seemed frail.

No details about the division of his assets nor his funeral ceremony had been released as of Monday afternoon. His home will reportedly be turned into a museum, though it remains unclear who will be tasked with maintaining it.