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OTRC: Prince's foreclosure crisis regarding Minnesota property settled

Prince appears in concert at the Forum in Los Angeles on April 21, 2011. (youtube.com/user/mhtinla)

Prince has reportedly avoided foreclosure on property he owns in Minnesota by paying an oustanding mortgage, a report says.

The pop singer, known for songs such as "Kiss" and "Purple Rain," used to keep a house on 20 acres of land in Chanhassen, valued at about $1.15 million. The home was razed in 2005. Prince owed more than $368,000 in morgage debt and the property was to be put on public auction in May, the Star-Tribune newspaper said.

Prince, who is 52 and was born in the state, has not commented on the report. The newspaper on Friday, April 22, quoted the Carver County Sheriff's Office and the singer's representative as saying that the singer recently paid what he owed on the $605,000 mortgage he took out in 1994.

Last year, Prince paid $1.3 million in current and delinquent property taxes on 14 parcels, USA Today said. The singer has not commented.

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