Aged two, Michael Prince and his family moved to Iran, where he lived until he was aged eight, when he was sent back to England to attend prep school. He attended Eastbourne College, before attending Guildhall School of Music and Drama, where he received his Actor's Equity Card, selecting the name 'Praed' randomly from the phone book as there was already a Michael Price listed with Equity. Michael was married to Karen Landau in the Bahamas in 1994. The pair had two children, Gabriel and Frankie, before their split in 2009.