Default on Prince property prompts foreclosure proceedings

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 (click here to see complete foreclosure notice on bottom left of the page), 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.

http://www.chanvillager.com/news/housing/default-prince-property-prompts-foreclosure-proceedings-104

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