Prince defaults on Chanhassen mortgage, property facing foreclosure
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 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.
An aerial shot of the property from the early '90s, before the house was torn down
Photo provided by Billy Briggs
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."
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