Prince defaults on Chanhassen mortgage, property facing foreclosure

Categories: The Purple One
prince-ipessa.jpg
First things first: No, this is not the land where Paisley Park is located, so don't start calling up your rich investor friends quite yet. 

Prince has fallen behind on payments to one of his several Chanhassen properties of late, and his mortgage for the 20-acre property at 7141 Galpin Blvd. has defaulted and the land is about to go into foreclosure. If Prince doesn't cough up the cash -- he's about $370K past due -- the property will be sold at a sheriff sale on May 13.

Prince bought the property for $605,000 back in 1994, and it's now valued at about $1.15 million. The land was once the site of Prince's home, but he demolished the house in 2005 and the property now only includes a tennis court and a small building.

Prince's House.jpg
Photo provided by Billy Briggs
An aerial shot of the property from the early '90s, before the house was torn down
This isn't the first time Prince has slacked on paying his bills; according to the Star Tribune, he paid his taxes late in 2006 and 2008, and last year he was forced to come up with $1.3 million in current and late property taxes for his Chanhassen property empire. In other words, it'll probably be fine, but dude has a lot of money and land on his hands, huh?

Interestingly, as the Chaska Herald points out, Prince has made Chanhassen his home in one form or another since 1980, and he is "one of Chanhassen's largest individual landowners with more than 200 acres of land throughout the city, including 150 acres between Lake Lucy and Lake Ann and land near his Paisley Park Studios at the corner of Audubon and Highway 5."

Prince is currently in the midst of a 21-date residency in Los Angeles.



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1 comments
vitajex
vitajex

You don't have to be rich to be his girl,but you do need to be rich to pay his taxes.

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