Prince Facing Foreclosure

April 21, 2011 No Comments »

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You know things are bad when a prince is facing foreclosure

Especially when it’s the “Prince.” We’re talking Purple Rain here folks.

Per the Star Tribune, the famous pop star’s 20 acre Chanhassen, Minnesota residence, located in the St. Paul/Minneapolis area, is set to be auctioned off.

Prince reportedly owes $368,000 on the mortgage tied to the residence in which he lived until the home was razed in 2005.

Currently, only a tennis court and a small building remain on the sprawling estate.

He purchased the property for $605,000 back in 1994 – it’s currently worth $1.15 million, down from more than $1.5 million just one year ago.

And barring him coming up with with the money, which is owed to the Bank of New York Mellon Trust Co., an auction will take place on May 13 at the Sheriff’s Office.

It seems Prince has had difficulty staying on top of his finances for a while now.

About a year ago, Prince paid $1.3 million in current and delinquent property taxes owed for 2009 and 2010 on 14 parcels in the county, including his recording studio in Chanhassen.

His 2006 and 2008 county tax bills were also paid late.

In spring 2003, Prince demolished his famous Purple House in nearby Lake Riley.

It’s unclear why he continously tears down his homes, but hey, it’s Prince…

Update: Prince avoided foreclosure by satisfying the outstanding debt…I guess the new tour is already paying off.

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