The Bank of New York Mellon Trust Co. scheduled the land's May 13 public auction with the Carver County Sheriff's Office after the property fell into foreclosure. However, the sale has since been called off because the $368,000 mortgage bill was satisfied, the (Minneapolis) Star Tribune reported Friday.
Prince once has a home on the property in Chanhassen, but it was demolished in 2005.
The land is valued at $1.15 million, the newspaper said.
'Happy' fan videos make Pharrell cry [VIDEO]
Pistorius testifies he didn't consciously pull trigger when he shot girlfriend