Prince No Longer in Foreclosure

Prince No Longer in Foreclosure

It has definitely been a busy spring for pop star Prince.  The artist formerly known as someone with a lot of money was recently facing foreclosure in his home state of Minnesota, however the estate located in Chanhassen is no longer on the market.  Looks like Prince will not be moving after all.

In late April, the Bank of New York Mellon Trust was planning on an auction to unload the house, which they had scheduled due to mortgage payment failures.  Usually, that means foreclosure is in the air.  Banks tend to move quickly at this point in the game, so Prince got lucky.

Almost $368,000 in late mortgage payments was due to the bank before they began plans for the auction.  However, shortly after the auction announcement was made, Bank of New York Mellon Trust did actually receive payment in full and quickly removed the listing.  Prince’s house is once again his palace.

The property consists of 20 acres and a pretty large house.  Prince bought the land in 1994 for about $605,000 and moved in shortly thereafter.  After a few years, he had the property razed and rebuilt everything.  The estate is worth an estimated $1.15 million, down from the $1.5 million price tag it had last year.  In common with most property these days, prices are still decreasing.

This isn’t the only close call Prince has had lately.  In 2010, he had to pay $1.3 million in back property taxes on several of his properties throughout Minnesota.  His tax payments for 2006 and 2008 were also late.

Katie Steil