The late singer's sister Tyka Nelson says that opening Paisley Park for public was something her brother always wanted to do, reported Aceshowbiz.
The house and studio located in Chanhassen, Minnesota, will be turned into a museum.
Prince's estate announced the news via a statement issued by Bremer Trust, which has been managing the late superstar's estate since his death in April.
The tours will be managed by Graceland Holdings which also runs Elvis Presley's Graceland home.
"Only a few hundred people have had the rare opportunity to tour the estate during his lifetime. Now, fans from around the world will be able to experience Prince's world for the first time as we open the doors to this incredible place," Nelson said in a statement.
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They can also see thousands of artifacts from Prince's personal archives, including his concert wardrobe, awards, musical instruments, artwork, rare music and video recordings, concert memorabilia, automobiles and motorcycles.
"The new Paisley Park museum will offer fans a unique experience, an exhibition like no other, as Prince would have wanted it," the statement further read.
"Most important, the museum will display Prince's genius, honor his legacy, and carry forward his strong sense of family and community."
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