A judge has given his approval to the late singer Bo Diddley’s managers to sell off his music catalog to pay for the rock and roll pioneer’s outstanding $1.1 million debt to the IRS.
The assets are estimated to be worth $4.3 million, according to the
However, the rights to the catalog are currently held by Fuji Music, and the heirs have needed to negotiate a deal to pay off the tax debt.
Circuit Judge Robert Roundtree ruled last Friday that the managers could take a 15 percent commission on the sale and the estate attorney’s firm could collect a 5 percent commission. The heirs are hoping to earn a 15 percent revenue stream from the rights.
Diddley, who was born Ellas Bates McDaniel, died in 2008 at the age of 79, a year after he suffered a stroke. Diddley had sold some of the music rights to pay for his medical care after his stroke, and the IRS is claiming taxes on the sale of those rights.