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What?! Prince in foreclosure?!

By Jay MacDonald · Bankrate.com
Monday, April 25, 2011
Posted: 10 am ET

I know the foreclosure crisis has been super-bad, but now it's even badder, given that it's knocking on the door of the baddest, most ridiculously funky musician to ever emerge from the frozen north: the Minnesota Landowner Currently Known as Prince. Or MLCKP, if you prefer.

The Carver County Sheriff's Office reports that the multitalented, multiplatinum Rock and Roll Hall of Famer has fallen behind $368,382 on the mortgage to his 20-acre former manse in Chanhassen, the Minneapolis suburb that he's called home since 1980. A sheriff's auction is set for May 13.

Has Prince been paying property tax like it's 1999? Photo by PR Photos

According to the foreclosure notice in the Chaska Herald, His Paisleyness bought the property in 1994 for $605,000. But you won't find him mixing tracks there these days; he leveled the place in 2005, leaving only the tennis court and gatehouse. The property is currently valued at $1.15 million.

Prince's publicist denies the report. USA Today quotes a local legal firm as saying there is "a decent likelihood" that The Artist will send The Payment before The Auction.

Given that Prince coughed up $1.3 million last year in current and delinquent property taxes on 14 parcels in Chanhassen, it would indeed seem unlikely that MLCKP would let the place go for a song.

But it's a sign o' the times that even well-heeled celebrities have been drawn into the foreclosure undertow. A host of them have run afoul of the taxman lately as well.

What's the takeaway? Three words: Pay. Your. Bills.

Yes, there's a whole alternate reality, a dark marketplace out there that wants you to believe that it's more complicated than that.

But it isn't. To avoid foreclosure, pay your bills.

And when it comes to home mortgages and living beyond your means, don't party like it's 1999. 

Now excuse me, I have to get back to "Little Red Corvette."

Follow me on Twitter. It's what it sounds like when doves cry.

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143 Comments
Finger
June 23, 2011 at 10:21 am

"WALKINGLASSJune 19, 2011 at 8:26 amI am a true Christian so my comment may be blocked so the other viewers can't see the truth.
Here goes. Jesus Christ says in Luke 6:24 "Woe to the rich for you are receiving your comfort in full. He says in Luke 6;20 " Blessed are you who are poor for yours is the kingdom of God.
Now, those that edit these comments aren't poor so they will see me across the chasm from hell holding up 4 fingers signaling them that I-TOLD-YOU-SO."

Wooooow "True Christian"....You just embodied the full definition of Hypocrasy, Hating, Judging and Full blown miapporpriation of the Word all in one go. First, a true Christian need not call him/herself that; it will be revealed in the words used. You would also not be quick to JUDGE what the moderators will do with your words, they do not happen to be that prolific. You have also JUDGED the material wealth of those moderating and reading this blog, as well as EXHALTED yourself by claiming YOU will be in heaven POINTING back I told you so??????? Did Jesus ever once point to a person and say I told you so? Ever? Get that ego out of your system. You give Christians the world over a disgusting reputation.

charchar
June 21, 2011 at 10:37 am

Prince could buy the state if he wanted to, not one word of this is true. He is too smart to allow this to happen.

RR
June 21, 2011 at 1:48 am

actually, it may be that his management staff have dropped the
ball.. it happened to paris hilton and michael jackson after their staff/s didn't pay the storage bills and then there personal stuff and info went to auction and the tabloids got wind of it and one discovered all the secrets about them, the diseases they had, the risque photos of them, etc...

Andy
June 19, 2011 at 10:09 am

I know the foreclosure crisis has been super-bad, but now it's even <>.

Please tell me how this guy calls himself a writer!
Badder!

Worse is the correct comparative form, Mr. McDonald!

Maybe Bank Monitor will hire me if I forget basic 3rd grade grammar!

WALKINGLASS
June 19, 2011 at 8:26 am

I am a true Christian so my comment may be blocked so the other viewers can't see the truth.

Here goes. Jesus Christ says in Luke 6:24 "Woe to the rich for you are receiving your comfort in full. He says in Luke 6;20 " Blessed are you who are poor for yours is the kingdom of God.

Now, those that edit these comments aren't poor so they will see me across the chasm from hell holding up 4 fingers signaling them that I-TOLD-YOU-SO.

Cherie
June 19, 2011 at 6:57 am

Mmmm, most of these famous people pay for their publicists, money managements, etc. Sounds like someone is not doing a good job. Time to fire 'em and get a new one with a good background check and credentials.

dan
June 18, 2011 at 1:40 am

Prince has more money now than he has ever had, even at the height of Purple Rain. A little research would reveal that. A little research, however, is something this "reporter" declined to do.

Destiny Brown
June 17, 2011 at 11:08 pm

This mortgage thing is hitting alot of people. These entertainers
do party like it's '1999'! When was the last time he had a hit
CD? I can believe this. Time will tell.