Prince's land is on auction block

  • Article by: PAUL WALSH , Star Tribune
  • Updated: April 22, 2011 - 12:09 AM

But a representative said a $368,000 mortgage bill on 20 acres in Chanhassen was paid.

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The gate of Prince's property in Chanhassen, Minn.

Photo: Carlos Gonzalez, Star Tribune

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Prince fell into foreclosure on 20 acres in Chanhassen where his home once stood, and the Carver County Sheriff's Office scheduled an auction to sell off the musician's land to satisfy the $368,000 mortgage bill.

However, a representative for Prince contended Thursday afternoon that the "payment has been made" for the full amount and was sent to the Bank of New York Mellon Trust Co. "about four or five days ago."

Kiran Sharma, who described herself as someone who manages "some of his business affairs," declined to answer other questions about the circumstances leading to the foreclosure or Prince's financial dealings.

Bank attorneys did not return messages Thursday seeking confirmation of the payment. The Sheriff's Office said Thursday afternoon that the auction remains on schedule for May 13.

The land, where Prince had a home until it was razed in late 2005, is valued at $1.15 million, according to county records. That's down from more than $1.5 million just a year earlier. Prince bought the property in 1994 for $605,000.

If the auction takes place, proceeds would cover the mortgage bill and any taxes owed, according to a legal notice published last week in the Chaska Herald.

An undated aerial photo of the property on a Carver County Web page shows little more than a tennis court and a small building near the driveway entrance on Galpin Boulevard.

About 11 months ago, the reclusive pop/rock star paid $1.3 million in current and delinquent property taxes that he owed for 2009 and 2010 on 14 parcels in the county, including Paisley Park, his recording studio in Chanhassen. He also was late paying his tax bills in the county in 2006 and 2008.

Paul Walsh • 612-673-4482

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