Love sells Nirvana stake
13:30 03 April 2006
Courtney Love has sold part of Nirvana's back catalogue for £29 million.
The troubled rocker, the widow of the band's late frontman Kurt Cobain, is said to have off-loaded the 25 per cent share in the group's publishing rights for the huge sum to former Virgin Records general manager Larry Mestel.
Love has admitted managing Cobain's estate since he killed himself in 1994 has been "overwhelming" and she believes the share is now in good hands with Mestel.
She said: "I need a partner to take Kurt Cobain's songs and bring them into the future and the next generation."
She also reassured worried Nirvana fans that the music would be used in a "tasteful" fashion.
Following Cobain's suicide, Love, now 41, inherited 98 per cent of the back-catalogue leaving Cobain's bandmates, Krist Novoselic and Dave Grohl, with the remaining part, which includes tracks such as the worldwide hit 'Smells Like Teen Spirit'.
It was previously reported the former Hole singer was on the verge of bankruptcy and was desperate to sell off her rights to Nirvana's much sought after songs.
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