Soon to be the property formely known as Prince's?

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Soon to be the property formely known as Prince's?

April 22, 2011 - According to the Star Tribune, Prince's property in Chanhassen, Minnesota, has entered into foreclosure, as the musician still owes roughly $368,000 on his mortgage.

Prince originally purchased the land in 1994 for $605,000. His home stood on the property until 2005, when he had the land razed. The area is now valued at $1.15 million. However, this figure is down from its $1.5 mark from last year.

The Carver County's Sheriff's Office has scheduled an auction in order to pay off the remaining balance on his mortgage. However, some of Prince's representatives stated the musician had paid the balance in full recently, sent to the Bank of New York Mellon Trust four or five days prior.

Despite this claim, the auction is still set to take place. Those interested in moving can make a bid to pay off the balance as well as any outstanding taxes. In return, they'll receive 20 acres of land with a tennis court and small building near the driveway's entrance.

In 2010, Prince had paid $1.3 million in delinquent property taxes for 2009 and 2010 for his 14 parcels throughout the country.

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