Wax Poetics magazine has done some sleuthing on a Prince film project entitled The Second Coming that was abandoned in 1982. The film was directed by noted music video aficionado Chuck Statler (DEVO, Cars, Elvis Costello), and documented the stage performances of Controversy tour along with theatrical "fantasy" interstitials. The Statler interview is enlightening as it describes Prince as a musical genius with omnipotent control over all of his projects.
Most of the film footage has been secured by the Prince camp with no release date in sight.
Check out the article here.