Prince Lost Demo Tape: RR Auctions to Sell Legend’s Unreleased Record Amid Tom Petty Legal Threat

Prince's fans are over the moon as his earliest demo record is being sold by an auction house, the same company that has been threatened with legal action by Tom Petty's family.

According to Good News Network, the original demo tape that became a way for the legend to sign his first recording contract is being auctioned by RR Auction.

The rare tape was reportedly recorded at Sound 80 Studios in Minneapolis when the singer was just 18 years old. The demo tape was recorded on a 1/4" reel-to-reel tape in 1976.

It contains the earliest versions of his smash songs "My Love is Forever" and "Just As Long as We're Together" as well as "Jelly Jam," which was not publicly released in the past.

The auction piece comes with a plexiglass display case, a business card of the late Warner Bros. Records executive Russ Thyret, and a CD transfer of the tape's audio.

As of this writing, the piece is now priced at $7,777 and there are two bidders who are competing to win the one-of-a-kind record. The next bid would be $8,555.

The bidding will be until June 22 at 6:00 p.m. EDT.

The auction house described the piece as a "stunning revelation for music enthusiasts and Prince fans worldwide."

Tom Petty's Family Taking Legal Action Against RR Auction

The recent news comes after Tom Petty's family issued a statement about the late musician's alleged stolen items being sold in an auction by the same company behind Prince's demo tape auction.

Taking to the musician's official Facebook page, surviving family members revealed that they are pursuing "swift legal action" against the Boston-based auction house.

The reason why they're filing the lawsuit was that the items being sold by the company have been alleged "outright stolen from a secured archive based on prior knowledge, staff observations and documentation." They also wanted to recover the items from the company.

"We believe RR Auction, headquartered in Boston, is offering stolen Tom Petty memorabilia with a completely false provenance inaccurate to fact and in complete denial of clear evidence they have been presented," they wrote.

Tom Petty's family also wanted fans to not participate in the auction until matters have been resolved to avoid getting involved in the legal battle.

As of this writing, RR Auction has yet to respond to the accusations.

Tom Petty Auction

Loudwire reported that some of the most valuable and important items are currently available on the auction house's website.

Some of the personal belongings include sweaters, bags, boots, hats, t-shirts, and many more. In total, there are over 57 items for sale.

The items are priced from $100 to $5,700. It appears that matters between the two parties have not yet been resolved as the memorabilia are still available online.

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Prince, Tom Petty, Auction, Unreleased song, News, Music, Update, Updates