CHASKA, Minn. (KMSP) - The special administrator handling the estate of Prince has produced a list of properties it wants to sell in order to pay off estate and income taxes. The taxes are due on January 21, 2017.
In Carver County probate court documents posted Wednesday, the most valuable asset listed is 156 acres of land along Galpin Boulevard in Chanhassen, Minn., with an estimated market value of $13.6 million. Prince owned several tracts of land along Galpin Boulevard and all of them will be up for sale. Some of the properties are listed under Prince Rogers Nelson, and others list Paisley Park Inc. as the owner.
Paisley Park, Purple Rain house won't be sold
The special administrator, Bremer Trust, previously disclosed that Prince’s Chanhassen recording studio and residence, Paisley Park, and the “Purple Rain” house in Minneapolis will not go on the block.
Also now taken off the for-sale list is a home at 115 King Creek Road in Golden Valley, Minn. In court documents, Omarr Baker claims that Prince gave him the life estate rights to the home in exchange for taking care of Prince’s mother. Bremer Trust says it will not sell the home until Baker can provide the proper documentation.
Chanhassen real estate
156 bare acres of land on Galpin Blvd in Chanhassen ($13,686,800)
A vacant lot off Galpin Blvd ($1,381,700)
8020 Park Place ($983,800)
8016 Dakota Avenue ($284,300)
9401 Kiowa Trail ($619,100)
7141 Galpin Blvd ($1,945,300)
99 Lake Drive E ($416,100)
2178 Red Fox Circle ($450,700)
2179 Red Fox Circle ($535,000)
2169 Red Fox Circle ($114,700)
7021 Galpin Blvd ($555,600)
6921 Galpin Blvd ($294,200)
A property with no listed address in Hennepin County, owned by Prince Rogers Nelson, is valued at $247,000.
Why are they selling the property?
In documents filed by Bremer Trust, it says it’s selling the real estate properties because, “their costs of repair and ongoing maintenance are such that carrying these properties is not in the Estate’s best interest.”
The total market value of the 14 properties set to be sold is $21.5 million.
The death of Prince
Prince died in April from an accidental overdose of fentanyl at his Paisley Park residence, and did not leave a will. Under Minnesota law, Prince's sister, Tyka Nelson, his half-siblings and other potential relatives stand to inherit shares of the estate, estimated to be worth $300 million. A court order last month tossed out the heirship claims of 29 people.