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Prince's property won't be auctioned off

April 23, 2011 at 12:33 AM   |   Comments

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MINNEAPOLIS, April 23 (UPI) -- A 20-acre parcel of land that belongs to Prince will not be auctioned off because the pop star paid the outstanding mortgage, officials in Minnesota said.

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.

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