Golden Parachute was initially offered as an mp3 download as the premium members' bonus part of NPG Music Club Edition # 7, but a portion of the track had been included in NPG Ahdio Show # 1 seven months earlier, so the full version available for download was called Golden Parachute (Long Version). In 2004, the track (including one additional trumpet fill at the beginning, but otherwise identical), was included as the fourth track on the compilation album The Slaughterhouse.
While specific recording dates are not known, basic tracking is believed to have taken place in May 2000 at Paisley Park Studios in Chanhassen, Minnesota, following Clive Davis' firing from Arista Records (which the lyrics refer to). It was tentatively included as the fourth track on the High album, announced by NPGOnlineLtd.com to be complete (in rough form) on 8 August 2000, which was later aborted. Although recorded while Prince was using the name , the track was credited to Prince upon release, so it is credited as such here.