Prince house in Minnesota avoids foreclosure



Iconic pop star, Prince, recently avoided foreclosure on his 20-acre spread in Chanhassen, Minn., paying a delinquent mortgage bill of $368,000 in full, according to The Star Tribune.

His lender, Bank of New York Mellon Trust Co., filed for foreclosure and a public auction was set for May 13, 2011. The scare tactic apparently worked.

The seven-time Grammy Award-winner now owns the land, which he purchased for $605,000 in 1994, free and clear. He razed the home on the property — now worth an estimated $1.15 million — back in 2005.

According to Prince’s representative, Kiran Sharma, “payment has been made” to the bank for the entire amount “about four or five days ago.”

This foreclosure threat was one of the many recent financial delinquencies the 52-year-old pop star has recently encountered.

In fact, Prince just paid $1.3 million for current and delinquent property taxes that were owed from 2009 and 2010. He was also behind on paying the tax bills in 2006 and 2008.

For more celebrity-related foreclose news check out our archive right here.

Comments

  1. I wonder Prince is just opposed to paying taxes. I know alot of the austin foreclosures that I see have been loan based problems and not a tax issue. You would think that a celebrity this wealthy would pay their taxes on time.

  2. When you hear that wealthy people are not affected by our current financial crisis, don’t believe it!

    I know plenty of previously-wealthy individuals who are going through a tough time. And I don’t mean “fast-money” wealthy people – many long-held fortunes have been reduced or lost recently.

    Sometimes, celebrities like Prince are delinquent on things like property taxes because they simply fall through the cracks of their schedules. It always seems to make interesting news for the rest of us, but only rarely ends up as calamitous as we think.

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