Prince Settles 'Foreclosure Crisis'

April 22, 2011 15:02:00 GMT

A representative for Prince has confirmed the pop superstar has avoided foreclosure on his Minnesota estate by paying off his mortgage bill in full.


Prince
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Photo credit: L. Gallo/WENN

The "Purple Rain" hitmaker, Prince owns 20 acres of land in Chanhassen, Minnesota, where one of his many homes once stood before it was torn down in 2005.

The land reportedly fell into foreclosure after the star allegedly failed to keep up with mortgage payments and the local Carver County Sheriff's Office scheduled an auction to sell it off to pay the alleged $368,000 (GBP230,000) mortgage bill, according to Minneapolis' StarTribune. A foreclosure notice is said to have been posted in a local newspaper.

But a representative for Prince has now confirmed steps have been taken to resolve the situation, telling the StarTribune a "payment has been made" to the bank for the full amount "about four or five days ago".


 




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