Thursday, March 25, 2010

Bono and Prince's Financial Woes Revealed

Posted Thu Mar 25, 2010 12:08pm PDT by Joe Lynch in Stop The Presses!

Pop icons Bono and Prince may share an unerring gift for crafting hits, but when it comes to keeping that money through financial savvy, it seems they still haven't found what they're looking for.

While U2's frontman is celebrated for his charitable work in Africa and bipartisan approach to political issues, the Irish singer is actually "the worst investor in America" according to the online publication, 24/7 Wall Street.

Bono is one of five members of Elevation Partners' investment team, which 24/7 Wall Street claims has made "an unprecedented string of disastrous investments which even bad luck could not explain."

The U2 singer's firm has invested huge amounts of money into Palm smartphones, Forbes magazine, and, all of which are currently struggling. Elevation's largest investment is also its most disastrous: Bono's firm put $460 million into Palm, the company that unsuccessfully tried to carve a piece of the smartphone market away from Apple, RIM, and other more popular mobile handset-makers. Last September, Palm's shares sold for $18, but when the company released its most recent earnings figures, shares plummeted to $3.65.

Prince's financial woes are of another kind-he's not so much losing money as he is failing to pay it. The Purple One owes more than $227,000 in taxes to his home state of Minnesota for his PRN Music Corporation, which is located in his famous Paisley Park complex near Minneapolis.

The majority of that amount was due back in 2009, with an extra $27,000 thrown on as a penalty for delinquency.

If that isn't enough, the county's taxpayer services manager estimates that with all his property combined, the R&B mastermind owes about $450,000 in taxes. If Prince doesn't rustle up the cash before April 21 or file a written objection, he could face forfeiture on those properties, some of which he's owned since the '80s.

If there are any doves nesting in Paisley Park, it seems we may finally learn what it sounds like when they cry.

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