Get onto the pole in a birthday suit, our suit
And M.J. was King, and Prince was Prince
And Raven has ruled ever since

from Macklemore and Ryan Lewis (Ft. Macklemore) – Castle Lyrics on Rap Genius

Meaning

He’s saying that Michael Jackson used to be the King of music, and Price was the prince of music, but now Raven Bowie (Macklemore’s alter ego), is now the King.

“Prince was Prince” is referencing when Prince changed his name from Prince to an unpronounceable symbol (aka. “The Artist Formerly Known as Prince”). He’s saying when Prince was still called Prince, not implying that Prince was the prince of music.

Also… pole is a stripper joke and a penis joke.

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