It reminds me some rumored problems he had in France for his non paying taxes regarding to his place avenue Foch in Paris some years ago...

...too rich people don't like to share ?

I know what is wrong with this country..

I once owed $5000 in back taxes and was charged by the IRS $6000 in penalties and interest for being 2 years late, but I guess when you owe $227,000 you just get charged 10% ($27,000) in interest and penalties instead of 110% (I think they gave me the poor people discount lol)..

Interesting isn't it?
[Edited 3/26/10 3:17am]

PEJ said:

I don't know....that was a rough period for Prince.The 'Lovesexy' album wasn't selling well and many of the US tourdates didn't sellout.Plus,his Paisley Park Records label was struggling at that time.There may have been some truth to those rumors about his financial problems.

SoulAlive said:

AND he was paying off PP itself. AND was trotting around the globe with a BEHEMOTH stage show and entourage that couldn't have been very profitable. it wasn't that popular on its US leg and carting all that equipment and all those people around is expensive.

etc.

errant said:

Yep

I often wonder....

Does Prince really sit down with a Check Book every 1st and 15th of the month to pay his bills?

Or does he just generate cash flow and an accountant spends it?

So why would Prince tell his Accountant "don't pay the taxes" and spend it somewhere else instead?

I can't imagine he doesn't paid for every appearance he makes. Who would take a loss on that, when your product is already so marketable?

inspireof said:

There's a difference between federal and local taxes.

SoulAlive said:

That was 20 years ago. Nobody said he didnt ever have money trouble. Touring with a behmoth crew and materials with a non selling lp is much different than owing 200 thousand dollars 30 years later when you're sitting on a tuft of millions.

Yall sure know how to take threads down odd paths lol.

SoulAlive said:

Yeah, but isn't it a bit ironic that he was the one who bailed George Clinton out of problems by signing him to the PP label, therefore wiping away Clinton's legal and IRS debt around the same time. I tell you waht though...ol' boy's lucky the Batman opportunity came along when it did to help ease the financial burdens the whole Lovesexy trip brought him. Artistically, musically, and visually, I LOVED this period/era, but it was an obvious drain on homeskillet's finances.

I think the only thing that really keeps P afloat - regardless of what he's currently doing musically - is all of the royalty fees he gets on an annual basis. This is what really got him through in the 95-96 period.

He commands more than $3 for a large show and was offered $22 for 7 dates in Europe by promoters. They wouldn't need huge stages etc. He could rehearse a band in two weeks and go dressed in his basketball shorts and it would still sell out (remember almost ALL the tickets to dublin were sold before he cancelled).

So it wouldn't matter if he had 10 million in various lawasuits to pay out, he has the money. Even if he did a long show long show such as ONA, say 3 hours, that's a million per hour he makes.

put it in perspective?
[Edited 3/26/10 8:25am]

stichdoll said:

hush now..we all know he is now applying for jobs at Costco and Wal-Mart to supplement his income

xlr8r said:

Prince would never work at Walmarts.

Tar-zhay, on the other hand...

Genesia said:

He's more upscale, I think. I see him as more of a Bed, Bath & Beyond kind of guy. He'd also be fabulous at Sephora.

Genesia said:

Ya huh..haven't you heard? He's broke as a joke now

He has to go where he can.

errant said:

I'll bet he had plenty of cash back then from all of his previous album sales even if he didn't have full royalties he damn sure wasn't broke off of the PR album tour and movie by 88. regardless lets say he was hurtin for money all he had to do was drop the BATMAN soundtrack and chi ching money$$$ same with 20 years later all he has to do is play COACHELLA or a few venues in France and he makes millions. he's loaded I tell ya. Celebrities at his magnitude and level don't be makin FORBES lists cuz they're broke. shit even MJ died in a rented LA mansion but damn sure wasn't close to bein broke

errant said:

I read somewhere (maybe in this very forum?) that even though the Lovesexy tour was very successful, the enormous costs associated with the props, etc., caused him to lose money on them.

PurpleJedi said:

But apparently it went profitable on sold out gigs in Japan fwiw.

PurpleJedi said:

I think he spent around $2 million for the stage alone (a gigantic sum of money back then) and when some shows didn't sellout,he lost money.

alexnvrmnd777 said:

Yep,the 'Batman' soundtrack turned things around for him.

PEJ said:

Yep in addition to the 'Batman' soundtrack,he also made a fortune with Sinead O'Connor's version of "Nothing Compares 2 U",which was one of the biggest singles of 1990.Bold and fiesty,she was not afraid to mention this in the media:

"I think that,frankly,that song saved his fucking ass",she said."He was in serious financial trouble until that song happened".



You mentioned Michael Jackson.Both he and Prince made alot of money throughout their careers.They just didn't know how to manage it.No doubt,Prince has an accountant/financial advisor,but it's hard to imagine him sitting down and listening to their advice,lol.Prince has always had a "my-way-or-no-way-at-all" type of mentality and it has negatively affected his business affairs more than once.

So, um, where's this big financial drain for him? Is he buying too many hats? Or is this all pretty much about property taxes owed on Paisley?

Genesia said:

Didn't Prince say he would never play vegas?

I think Prince is open to any type of business experience. He may not be getting a job at Walmart but whose to say one day he might be promoting his music there?

My question is...why is it that the ones who have all the $$$ won't pay their taxes etc? It's pocket change to them!

JayJai said:

Such a good question.

ThreadBare said:

Because they have VERY rich accountants ..... nuff said