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Business Insider

Prince's massive US$10 million home is being turned into a museum

The late pop star's sister Tyka Nelson is most likely to inherit his estimated US$300 million estate

PUBLISHED : Tuesday, 26 April, 2016, 8:01pm
UPDATED : Tuesday, 14 June, 2016, 3:23pm

Prince's Paisley Park home, in a suburb of Minneapolis, will become a museum to honor his legacy.

“We will turn Paisley Park into a museum in Prince’s memory," the late singer's brother-in-law, Maurice Phillips, 52, told British newspaper The Sun. Phillips is married to Prince's sister Tyka Nelson. 

"It would be for the fans. He was all about the fans — this would remember his music, which is his legacy," he continued.

As for Prince's notoriously reclusive nature, Phillips said, “Prince was always private but would have wanted his music remembered.”

Prince died last Thursday at the Paisley Park home. The 65,000-square-foot facility is reportedly worth US$10 million and was completed in 1987 after three years. The ground floor consists of production facilities, including recording studios, a sound stage, and a large rehearsal hall. Executive offices and Prince's personal living area make up the second floor. It also houses the famous Prince vault, which reportedly holds a treasure trove of unreleased songs by The Purple One.

One of Prince's four living siblings, Nelson was very close to Prince and is reported to be the most likely to inherit his estimated US$300 million estate. Unless Prince set down a plan for how his estate would be specifically handled after his death, Nelson would be able to make the decisions on how to handle his estate, which would include his songs, his likeness, his name, and his property.

The official cause of Prince's death is pending the results of an autopsy completed on Friday, though foul play and suicide have been ruled out.