The pop legend cancelled his sold-out appearance at Croke Park, Dublin, just 13 days before it was due to take place on June 16, 2008, without giving any explanation, leaving promoters MCD facing the bill to refund 55,000 tickets.
The company`s owner Denis Desmond took legal action against the `Purple Rain` singer and the case went to Dublin`s Commercial Courts in February 2010 where it was settled after a four-day hearing, with the musician`s legal team agreeing to pay over $2 million in damages and almost a million dollars in legal costs.
However, the sum was never paid by the initial March 2010 deadline and Denis and MCD were then granted a European Enforcement Order Certificate allowing them to pursue Prince`s assets under EU law.
In documents obtained by the Irish Times newspaper, MCD have received a preliminary attachment of approximately $957,000 held in bank accounts by the 52-year-old singer in France and Portugal but have received no money from the star.
The businessman has now filed papers in Los Angeles Superior Court to allow him to pursue his assets in the US to cover the initial settlement fee plus eight per cent interest on the original sum which would add a potential $240,000 to the total figure.
If the court rules in the company`s favour then MCD could potentially try and seize Prince`s family home in Minneapolis and his personal wealth.