Prince Hit With Foreclosure

Prince Hit With Foreclosure

The pop star’s homestead headed to auction.

Published April 25, 2011

The piece of land where Prince’s former home used to sit is due to go to auction next month.

According to RadarOnline, the 20-acre lot in Chanhassen, Minnesota went into foreclosure because the pop icon (whose real name is Prince Rogers Nelson) fell $368,000 behind in mortgage payments. Reports say that Prince, who is currently on tour, bought the property in 1994 for $605,000 but the land is now valued at $1.15 million.

Despite claims from his management that the current debt has been settled, when RadarOnline contacted Carver County Sheriff’s Department, a spokesperson from the Civil Processor’s Department revealed that the land was still set for auction on May 13th.

This isn’t the first time the "Purple Rain" pop star has encountered tax trouble.   Last year, he paid $1.3 million in current and delinquent property taxes that he owed for 2009 and 2010 on 14 parcels of land in the same area, including Paisley Park, his famous recording studio. The 52-year-old was also late paying his tax bills in the county in 2006 and 2008.

Written by Marcus Reeves


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