Prince Foreclosure

April 23, 2011 by Post Team 

Prince Foreclosure, The prince has avoided foreclosure on his property in Minnesota to pay their mortgage bills in full. The “Purple Rain” star has acres of land in Chanhassen, Minnesota, where one of their houses used to be until it was torn down six years ago. According to the Minneapolis StarTribune, the land fell into foreclosure when the prince allegedly failing to meet mortgage payments. The Bank of New York Mellon Trust Co. then made arrangements with the Office of the Carver County Sheriff local to schedule a May 13 auction to sell the property to pay the alleged bill of 368,000 and the mortgage. A foreclosure notice was published in a local newspaper reports

But now, Kiran Sharma, a representative for the prince tells the StarTribune that have taken steps to resolve the problem by saying that “the payment was made” to the bank for the total amount due “About four or five days”.

An attorney representing the bank refused Friday to discuss anything about the property with the StarTribune, but the paper reported that the Office of the Carver County Sheriff had taken ownership of the public auction; to an extent consistent with musician satisfy the outstanding mortgage. ”

The land is valued at .15 million, according to county records. That is a drop of more than 1.5 million a year ago. In 1994 he took out a mortgage on the property and of 605,000.

The pop star has had a series of financial problems in recent years. Paid last year and .3 million in current property taxes and criminals to be for 2009 and 2010 in 14 plots of land in the county. The land included Paisley Park, his famous recording studio in Chanhassen. The prince was apparently too late paying their county tax bills in 2006 and 2008.

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