Prince's Minnesota estate now off the market

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Prince's Minnesota estate now off the market

April 27, 2011 - Updating a recent story, Prince's estate in Chanhassen, Minnesota, is no longer on the market. It had originally been listed as available at an upcoming auction due to mortgage payment failures.

While Prince's representatives had stated that the performer had paid the balance of nearly $368,000, the Bank of New York Mellon Trust had not received it, and thus, had planned the auction. However, the bank received the payment soon after the auction announcement and promptly removed the 20-acre property's listing.

Prince initially bought the property in 1994 for $605,000. After moving to the home and living there for several years, the artist then had the property razed in 2005. The estate is now valued at $1.15 million, a significant decline from last year's $1.5 million figure.

The close-call foreclosure is just one of many financial delinquencies Prince has experienced recently. In 2010, he paid $1.3 million in delinquent payments for property taxes on 14 parcels across the local Minnesota county. Furthermore, his tax payments for the county were late in both 2006 and 2008.

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