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Update: Notice for Prince foreclosure canceled
Apr 20, 2011 | 22936 views | 1 1 comments | 9 9 recommendations | email to a friend | print

Update: Friday, April 22 - The foreclosure notice regarding Prince's property at 7141 Galpin Boulevard has been canceled and won't be published in future editions,  indicating that the mortgage has been reinstated. Confirmation pending with attorneys handling the case.

By Richard Crawford



Property owned by music icon Prince is undergoing foreclosure proceedings and is scheduled to be sold at a sheriff sale on May 13 unless the mortgage is reinstated before then.



The 20-acre property, located at 7141 Galpin Blvd. in Chanhassen, formerly was the site of Prince’s home, which was demolished in 2005.



According to the foreclosure notice published in the Chaska Herald, the original amount of the mortgage for Prince R. Nelson was $605,000 in 1994. The amount due on the mortgage is $368,382.



Carver County property tax records estimate the land value of the property at more than $1 million.



According to the law firm of Wilford & Geske, there is a decent likelihood that the mortgage will be reinstated prior to the May 13 sale. To reinstate the mortgage, delinquent mortgage payments would need to be made current.

According to Carver County property records, Prince has called Chanhassen home since 1980.

Prince 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.



Last year, several Prince properties were on the county’s list for delinquent taxes. According to Carver County officials, taxes are current for the Galpin Boulevard property.



Representatives of Prince couldn’t be reached for comment.



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whosecure
|
December 24, 2011
Wow friends or the world is changing :)
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