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Thread started 01/05/17 2:57pm

TrivialPursuit

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Article: Prince's estate sells off two of the late musician's properties in Minnesota

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January 5, 2017


A pair of properties owned by the late singer-songwriter Prince at the time of his death have been sold in Chanhassen, a suburb of Minneapolis.


Of the two, the largest was a 1.82-acre parcel of land that sold for $240,000. The property originally came to market in November for $925,000; however, that asking price included the construction of a Gonyea Homes-designed residence of about 3,600 square feet, according to listing details.

The other property, nearly half an acre, also came to market with plans for a to-be-built house by Gonyea Homes. Listed for $599,999, it sold just before Christmas for $150,000.


Two of Prince’s other properties, a 1.5-acre wooded lot on Lake Riley and a 1960s ranch-style home, are currently pending sale. Stephen Norton of Norton Realty represented the estate in the sales and holds the other listings.

Last year, a Minnesota judge granted approval to the late musician’s trust to sell a handful of his properties. At the time of his death, Prince owned a mix of homes, vacant lots and commercial buildings valued at $22 million, according to MPR News. Included in his portfolio is his Paisley Park home and recording complex in Chanhassen, a property in the Turks and Caicos islands and a 156-acre plot between Minnesota’s Lake Ann and Lake Lucy, the latter of which is valued at $13.7 million.


Prince, who died in April at 57, was among the bestselling pop artists of all time. He won seven Grammys and an Oscar for original score for the film “Purple Rain” (1984).


He was inducted into the Rock and Roll Hall of Fame in 2004.
________
This was covered when they went on the market a month or so ago.

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Reply #1 posted 01/05/17 8:00pm

PennyPurple

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Seems like the price on both was really low...to low.

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Reply #2 posted 01/05/17 8:10pm

laytonian

PennyPurple said:

Seems like the price on both was really low...to low.



If a mortgage was involved in purchasing the to-be-built home on either parcel, the land would have to be purchased separately.
The home would be built using a construction loan.

All is not dire. They may have been sold to family or associates.
[Edited 1/5/17 20:12pm]
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Reply #3 posted 01/06/17 9:27am

TrivialPursuit

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PennyPurple said:

Seems like the price on both was really low...to low.


Sometimes it's just about unloading excess. The cost is secondary often times.

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Reply #4 posted 01/06/17 9:37am

laytonian

TrivialPursuit said:

PennyPurple said:

Seems like the price on both was really low...to low.


Sometimes it's just about unloading excess. The cost is secondary often times.

.

....and the more it sells for, the higher the taxes that have to be paid.

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Reply #5 posted 01/06/17 10:01am

Genesia

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Folks, these prices are for the lots only. Do you really think people would pay more just because Prince once owned the dirt? It isn't like he seeded it with gold or something.

[Edited 1/6/17 10:01am]

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Reply #6 posted 01/06/17 10:22am

TrivialPursuit

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Genesia said:

Folks, these prices are for the lots only. Do you really think people would pay more just because Prince once owned the dirt? It isn't like he seeded it with gold or something.


I'm glad you said it. It's just land, and while it's worth a lot to those who want to own it, it's not a tourist attraction. The Purple Rain house yes. An empty lot on Kiowa Trail - not so much.

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Reply #7 posted 01/06/17 11:20am

rogifan

Genesia said:

Folks, these prices are for the lots only. Do you really think people would pay more just because Prince once owned the dirt? It isn't like he seeded it with gold or something.

[Edited 1/6/17 10:01am]


That's what I figured. The listings had pictures of a house similar to what would be built on the lot. Add the house and you get the million dollar listing.
Paisley Park is in your heart
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Forums > Prince: Music and More > Article: Prince's estate sells off two of the late musician's properties in Minnesota