The $10 million home will be turned into a museum to honor Prince's memory.
Close friend and longtime Prince collaborator, Sheila E., reveals the multi-million dollar home of the musician will open its gates to fans of the artist.
The museum is expected to be similar to Elvis Presley's famous 'Graceland' in Memphis, Tennessee.
The 65,000-square-foot purple palace is located in Chanhassen, Minnesota.
Paisley Park is said to be equipped with a recording studio, private nightclub, and a meditation space referred to as the Galaxy Room. However, there is much about the estate that has yet to be revealed.
The recording studio inside Paisley Park is said to have hosted a plethora of artists.
According to Fortune magazine, Neil Young, Barry Manilow, and even the Muppets rehearsed at the studio.
It's unclear when the home will transition from private residence to museum. Elvis's 'Graceland' opened five years after his death.
The inheritance of the property is also unknown. Prince's sister Tyka Nelson claims her brother did not leave a will. This could mean that the estate will likely be equally divided among Nelson and Prince's five half-siblings.