Report: Jay Z Offers Up To $40 Million For Prince's Unreleased Catalog

'Purple Rain' Reissue

Several published reports have indicated that JAY Z is offering up to $40 million to secure rights to the late PRINCE's unreleased music. The previously unavailable musical trove were discovered at the musician's famed PAISELY PARK home and recording studio after his death last APRIL (NET NEWS 4/21).

The hip-hop mogul reportedly flew in PRINCE's sister TYKA -- his only full sibling -- and her husband to NEW YORK to discuss a possible purchase of the thousands of recordings left behind.

TYKA will need the approval of PRINCE's half-brothers and sisters, as well as the trust currently running the estate, before she can sell the rights.

JAY Z is just one of several big-time executives vying for the music.

The vault -- which also contained hours of live recordings -- was located behind a steel door of a basement in PAISELY PARK that had to be drilled open by the company controlling his estate, according to the BBC.

"I think over 70% of the music we've worked on for PRINCE is yet to be released," string arranger/producer BRENT FISCHER told the BBC.

A 40-song greatest hits compilation, "PRINCE 4Ever," as well as a remastered version of his legendary "Purple Rain" album -- both featuring unreleased music -- is expected to be released next year (NET NEWS 10/21).

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