The gate of Prince's property in Chanhassen.
Carlos Gonzalez, Star Tribune
Prince's land is off the auction block
- Article by: PAUL WALSH
- Star Tribune
- April 22, 2011 - 7:52 PM
Prince's 20-acre piece of property in Chanhassen, which fell into foreclosure, was removed from public auction Friday in a move consistent with the musician satisfying the outstanding mortgage, the Carver County Sheriff's Office said.
A mortgage balance on the Galpin Boulevard land, where Prince had a home until it was razed in 2005, had stood at about $368,000. That overdue bill prompted the Bank of New York Mellon Trust Co. to arrange with the Sheriff's Office for the land's auction on May 13.
On Thursday afternoon, Prince representative Kiran Sharma said "payment has been made" to the bank for the full amount and was sent "about four or five days ago."
An attorney representing the bank declined Friday to discuss the status of the payment or anything else about the property.
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 took out a mortgage on the property in 1994 for $605,000.
The foreclosure is the latest of several financial delinquencies for the pop/rock star. About 11 months ago, he 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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