Pop star Prince is embroiled in a lawsuit after allegedly failing to collect a $300,000 US security deposit from a house he was renting, femalefirst.co.uk reports.

The Purple Rain singer was paying $150,000 US a month to stay in a luxury property in Los Angeles and left without settling his $300,000 security bond, according to legal papers obtained by TMZ.com.

Property agents 3121 Rep Inc., the company that brokered the lease for Prince, filed a lawsuit in June suing the owners of the house in an attempt to get the money back.

But the homeowners want to give the money straight back to Prince, insisting the superstar made all the payments himself, and claiming 3121 was just a third party in the arrangements.

The two sides are now suing each other, with 3121 demanding the $300,000, while the owners of the L.A. property want their lawyer’s fees paid.