Prince's 20-acre piece of property in Chanhassen was removed from public auction after being foreclosed on due to delayed mortgage payment.
The musician paid the outstanding $368,000 to prevent his land from going to public auction on May 13. A spokeperson said the "payment has been made" around "four or five days ago," as reported by The Epoch Times.
The property, on which Prince used to have a home, is considered to be worth a total of $1.15 million, according to the United Press International. It was worth $1.5 million a year ago.
Prince owns nearly 200-acres of land in Chanhassen altogether.
The Star Tribune reports this is the latest in a series of financial tardiness for Prince. He owed $1.3 million in property taxes in Carver County last year after not having paid for two years, as well as being late on his taxes in 2006 and 2008.