Iconic pop star, Prince, recently avoided foreclosure on his 20-acre spread in Chanhassen, Minn., paying a delinquent mortgage bill of $368,000 in full.

His lender, Bank of New York Mellon Trust Co., filed for foreclosure and a public auction was supposed to take place May 13, 2011, but was avoided.

The seven-time Grammy Award-winner now owns the land, which he purchased for $605,000 in 1994, free and clear. The home on the property is now worth an estimated $1.15 million.

This foreclosure threat was one of the recent financial delinquencies the 52-year-old pop star has recently encountered.

In fact, Prince just paid $1.3 million for current and delinquent property taxes that were owed from 2009 and 2010. He was also behind on paying the tax bills in 2006 and 2008.