UPDATE: Chill Out, No One Is Selling Prince's Paisley Park Compound

UPDATE: It appears that TMZ got it wrong, as the announcement that Prince's Paisley Park home "could soon hit the open market" was misreported. According to multiple sources, the special administrator of Prince's estate, Bremer Bank, issued a statement saying that TMZ's write-up was "misleading," and there are "no plans to sell either Paisley Park or the property referred to as the 'Purple Rain' house," according to the Associated Press. Great news for those who were sullen after reading that the Beautiful One's home, recording studio and the coolest concert venue in Chanhassen, Minnesota was going to be sold to some investment banker with a wack first and last name.

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Paisley Park may very well be in our hearts, but it appears that Prince's mythical Minnesota compound could soon hit the market. According to TMZ, Prince's heirs are currently in the process of blocking the bank that is managing his estate from selling off a number Prince's properties, including Paisley Park. The move comes months after it was originally reported that Paisley Park may be transformed into a Graceland-like shrine to The Purple One in the wake of his tragic passing in late April.

It's no secret now that the estate has certainly been through some trying times as of late, wading through and vetting potential heirs, while the estate itself could be subject to a tax burden that amounts to an unfathomable hundreds of millions of dollars, which prompted the "fire sale" in the first place. Bremer Trust is currently overseeing the estate and has been empowered by the state legislature to begin making decisions on its behalf. Here's hoping that petition actually comes through or that an heir is appointed before drastic measures are take. Otherwise, we'd suggest booking the next flight out, just in case.