Property in Chanhassen owned by music star Prince is in foreclosure, but it has nothing to do with his famed Paisley Park Studios.

The Chanhassen Villager reports that a a 20-acre plot of land that once was the site of Prince's home — but is now vacant after the site was demolished six years ago — is in foreclosure, with a sheriff's sale set for next month.

Prince (aka, Prince R. Nelson) is behind in his mortgage payments on the land, which is valued at more than $1 million. Prince owns about 200 acres of land throughout Chanhassen.

http://www.bizjournals.co...z1KA2vycLs

Peace-

I guess Prince is too busy touring to keep track of things like this

^^ Being on tour is no reason whatsoever for being a late payer.

This is after all the 21st century.

I/we can pay our bills anywhere/anytime in the world thanks to the interwebs.

[Edited 4/21/11 6:26am]

TheDigitalGardener said:

^^ Being on tour is no reason whatsoever for being a late payer.

This is after all the 21st century.

I/we can pay our bills anywhere/anytime in the world thanks to the interwebs.

Apparently, the internet is dead for auto-pay, too.

Genesia said:

TheDigitalGardener said:

^^ Being on tour is no reason whatsoever for being a late payer.

This is after all the 21st century.

I/we can pay our bills anywhere/anytime in the world thanks to the interwebs.

Apparently, the internet is dead for auto-pay, too.

He would be better stopping this "interweb is dead" hoopla.

I mean, c'mon.

Maybe, just maybe he doesn't want it anymore.

catpark said:

Maybe, just maybe he doesn't want it anymore.

Mmm, in that case he should just get his minions to sell it for him.

catpark said:

Maybe, just maybe he doesn't want it anymore.

If that were true, he'd sell it. If he sells it, he gets the money (less what he owes the bank, of course). If it's sold at auction, he gets bupkis.

Letting property go into foreclosure simply because you don't want it anymore - especially when the property's worth more than is owed on it - would be beyond stupid.

Prince, the most unreliable man in showbusiness.

^^

Yes he should sort out his businesses, but to me the story doesn't add up.

Remember the media love to dig up the dirt on people, and even when they don't have the full story they'll make up things or leave out bits to make the story more scandalous. Until we actually hear from the horses mouth nobody knows the truth.

catpark said:

^^

Yes he should sort out his businesses, but to me the story doesn't add up.

Remember the media love to dig up the dirt on people, and even when they don't have the full story they'll make up things or leave out bits to make the story more scandalous. Until we actually hear from the horses mouth nobody knows the truth.

Indeed, but in this case the horses mouth would probably be as untruthful (or cryptic) as the media.

Genesia said:

catpark said:

Maybe, just maybe he doesn't want it anymore.

If that were true, he'd sell it. If he sells it, he gets the money (less what he owes the bank, of course). If it's sold at auction, he gets bupkis.

Letting property go into foreclosure simply because you don't want it anymore - especially when the property's worth more than is owed on it - would be beyond stupid.

It's hard to believe Prince has to mortgage any property. Why wouldn't he just buy it, like he usually does?

Anyway, I live about a mile from Paisley and the values of homes around here went down about 25% in the last 3 years. And I'm guessing the property he bought originally had a house on it, and now has no house(he demolished it, of course). If he does have a mortgage, it's "underwater". So even if he sold it, he wouldn't get any money and would still have to pay the bank after.

TheDigitalGardener said:

catpark said:

^^

Yes he should sort out his businesses, but to me the story doesn't add up.

Remember the media love to dig up the dirt on people, and even when they don't have the full story they'll make up things or leave out bits to make the story more scandalous. Until we actually hear from the horses mouth nobody knows the truth.

Indeed, but in this case the horses mouth would probably be as untruthful (or cryptic) as the media.

Yeah he does have a tendence to screw up things and talk absolute nonsense, but this I think theres more to it than meets the eye.

oops stll havent done your thing yet! doing it right now!

XNY said:

Genesia said:

If that were true, he'd sell it. If he sells it, he gets the money (less what he owes the bank, of course). If it's sold at auction, he gets bupkis.

Letting property go into foreclosure simply because you don't want it anymore - especially when the property's worth more than is owed on it - would be beyond stupid.

It's hard to believe Prince has to mortgage any property. Why wouldn't he just buy it, like he usually does?

Anyway, I live about a mile from Paisley and the values of homes around here went down about 25% in the last 3 years. And I'm guessing the property he bought originally had a house on it, and now has no house(he demolished it, of course). If he does have a mortgage, it's "underwater". So even if he sold it, he wouldn't get any money and would still have to pay the bank after.

As I said in the other thread on this subject, it is odd that Prince still has such a large mortgage on this property 25 (or so) years after he bought it. That suggests that, at some point, he borrowed against the property.

The original note was for $600K, give or take. He owes about $350K (again, give or take a few thou). The property (as it currently exists, sans house) is valued at over $1 million.

Ergo, the property is not underwater.

Why would he borrow against the property? The guy is probably worth approximately $300+ million. $1 million is small fry to him.

The story doesn't make sense and could be exaggerated BS.

Genesia said:

XNY said:

It's hard to believe Prince has to mortgage any property. Why wouldn't he just buy it, like he usually does?

Anyway, I live about a mile from Paisley and the values of homes around here went down about 25% in the last 3 years. And I'm guessing the property he bought originally had a house on it, and now has no house(he demolished it, of course). If he does have a mortgage, it's "underwater". So even if he sold it, he wouldn't get any money and would still have to pay the bank after.

As I said in the other thread on this subject, it is odd that Prince still has such a large mortgage on this property 25 (or so) years after he bought it. That suggests that, at some point, he borrowed against the property.

The original note was for $600K, give or take. He owes about $350K (again, give or take a few thou). The property (as it currently exists, sans house) is valued at over $1 million.

Ergo, the property is not underwater.

oops. Didn't know the values.

catpark said:

^^

Yes he should sort out his businesses, but to me the story doesn't add up.

Remember the media love to dig up the dirt on people, and even when they don't have the full story they'll make up things or leave out bits to make the story more scandalous. Until we actually hear from the horses mouth nobody knows the truth.

Unless you're reading other articles about this situation (I've only read the one linked to in the OP of this thread), I'm confused as to what you see as the media 'digging up dirt' or what facts would be exaggerated. When a property goes into foreclosure in Carver county here in MN, and goes up for sheriff's sale, it gets published in the local paper as a matter of public record. The article I read doesn't seem to present much more information than what could easily be looked up and verified by anybody who wanted to take a few moments to do so.

http://www.startribune.co...61834.html

it says he paid the full amount 4 days ago, I think he just "forgot" to pay it before as usual ;p

[Edited 4/21/11 17:51pm]

^^ They're so quick to rush to judgment. I'm sure he knew the deal anyway.

Timmy84 said:

^^ They're so quick to rush to judgment. I'm sure he knew the deal anyway.

of course he did. he just doesn't like paying his bills on time. or at all.

See http://prince.org/msg/7/357439

dupe