Late singer Prince's home, Paisley Park, will be turned into a museum.

According to Yahoo.com, the 50,000 square foot complex, which contains a nightclub and a recording studio, will be converted into a museum.  The home is located in Chanhassen, Minnesota near Minneapolis.

Reports say that the museum is intended to be at or surpassing the level of Graceland, Elvis Presley's Memphis, Tennessee home, to preserve Prince's memory. Prince's brother-in-law, Maurice Phillips, made the announcement.

“It would be for the fans. He was all about the fans – this would remember his music, which is his legacy. Prince was always private but would have wanted his music remembered," Phillips told The Sun.

According to Entertainment Tonight, Sheila E., Prince's former fiancée, says there were plans to make Paisley Park a museum before Prince's untimely passing on Thursday. Prince had been gathering concert paraphernalia and awards to be displayed in his home. There are also plans for a tribute concert, as well.

"We're working on it, we'll see what happens… the plan is to have something here in Minneapolis," Sheila E. said.