The Carver County Sheriff’s Department is preparing to auction off a piece of property that Prince once called home.
The 20-acre plot in Chanhassen is in foreclosure, as Prince is behind on the mortgage. Documents show he owes $368,000 on the property.
The Star Tribune reports that the land is valued at $1.15 million, down from $1.5 million just a year earlier. Prince bought the property in 1994 for $605,000.
The auction is set for May 13 at the Sheriff’s Office if Prince doesn’t come up with the money to pay off the mortgage.
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.”
