A 20-acre parcel of land that “Purple Rain” singer Prince owns in Minnesota was to go on the auction block May 13. The Chanhassen property that the entertainer once called home, was $368,000 behind in mortgage payments.
He purchased the property in 1994 for $605,000. It is currently valued at $1.15 million–down from $1.5 million last year.
His one-time home was demolished in 2005–the image below shows a 1990’s aerial view.
Prince’s management claims that the debt has been paid, but a spokesman for the Carver County Sheriff’s Department had this to say: “We have not heard anything from the lawyer or mortgage company to date and the land is still due to be auctioned next month. ”
However, KSTP 5 Eyewitness News is reporting that the mortgage balance has been satisfied and the land has been removed from public auction.
This is not the first time that Prince has had financial issues. He has been battling tax bills on and off since 2006.
Prince is doing a 21 show run at The Forum in Los Angeles. He kicked off the tour on Lopez Tonight last week.
We’ve got the interview and the video debut of his new song Lay It Down below:
Prince claims the internet changed his life. Find out why he chose to appear on Lopez Tonight to launch his tour.
Photo: WENN