(Remember, these are your heroes..)
ThisIsWhyUBroke.com’s Definitive List of Financially Frontin Ass Rappers Part ONE (with a few producers thrown in)
Rick (who should be shoppin at) Ross
50 Cent appeared on the Ed Lover radio show to discuss everything from Oprah to Rick Ross. 50 starts by reading Rick Ross financial records saying “he got 3 cars. he got a 2004 Maybach, its a leased vehicle, the car is worth $55,000. He got a 2007 Escalade thats leased its worth $30,000 and he got an infinity that’s 2006 Q56, that’s the car he took from her in child support that’s worth $30,000.” 50 says “According to these papers, his jewelry is work $45,000. Meaning everything you see has to absolutely be fake.” “His monthly mortgage is $9,700 a month so when you look at all these papers” 50 says, “it clearly says this guy is $7,000 in the hole every month.” 50 summed it up, “His total net worth is $1 million dollars
but he would need $1.4, he would need $380,000 to be out of debt.”
Lil (paper) Wayne
According to the Miami Herald, Weezy is currently being accused of short changing New Orleans, Louisiana diamond dealer Jack Sutton by having only paid $24,000 for roughly $170,000 worth of jewelry. The purchased items were a $138,000 diamond ring and $32,000 gold-and-diamond necklace both obtained in October 2006.
“We reached a settlement,” Weezy’s attorney Ron Sweeney told The Herald. “Everybody’s happy.”
Aside from jewelry debt, the superstar also owes nearly $1 million to the IRS for income tax. According to a May 6 notice of federal tax lien obtained by Herald, he
owes $977,840.81. (Come on son, don’t act like you didn’t know Baby was rapin artists since they were…well…)
(not so) Rich Boy
He has not received the full payment of $337,500 he was rewarded in the lawsuit, and is now seeking several liens – forms of security interest – on homes the rapper
owns in Atlanta, Georgia to pay off the debt. Mosley filed his request at Fulton County Superior Court in Georgia on Monday, January 12. (Press Release)
Jermaine (mr. money aint a thing…until the IRS shows up) Dupri
The state of Georgia filed a $135,749 lien against him Nov. 17, 2008, in Fulton County Superior Court. The IRS filed a $3,095,004 lien against him Sept. 4, 2008, in the Westchester County (N.Y.) Clerk’s office. “I can assist you in telling you that all of the taxes have been paid and my law firm has been, and is, in the process of getting the liens removed in normal course,” Kane wrote in an e-mail. “As to any other information, you can certainly understand under the attorney-client privilege that I am not able make any further comment.”
(Later) Producer Jermaine “JD” Dupri’s lawyer has spoken out against new reports claiming the hitmaker owes more than $3.2 million in taxes to the government. According to attorney James Kane, Dupri’s tax debts have been made aware of and addressed. (<<—Surrre. )
(my paper’s) Too Short
“It looks like Too Short is about to lose some property if he doesn’t get his finances in order. Check out what’s going on below. Do y’all remember that court case that Too Short lost back in 1991? Well for those who don’t here’s the short-hand version. Back in the day Too Short [AKA Todd Shaw] killed a man, and seriously injured another, when he was involved in a head on collision while driving under the influence. Upon further investigation it was reveled
that homie didn’t have ANY CAR INSURANCE. Naturally, the investigators found Short directly responsible. A civil-suit was filed and the family of one of the victims reached a settlement back in 1996.
To this day that debt has not been paid.
Well, now the Alameda County Sheriff’s Office now has been ordered to seize the equipment in the UpAllNite studio, which Shaw opened in May, to pay the $1.1 million he
Rap veteran Snoop Dogg has reportedly fallen behind on his taxes and owes the government more than $598,000. According to reports, a tax lien was filed against him last month. The new debt dwarfs a tax lien filed last year against the 38-year-old rapper, who popped up all over Detroit during the 2006 Super Bowl, holding a private concert and
attending the game. He also was one of the headliners at the Rothbury Music and Art Festival in 2008. The IRS filed a $598,309 lien against Snoop Dogg (real name Calvin Broadus) and his wife on Jan. 19 with the Los Angeles County Recorder of Deeds. (Detroit News)
Miami hitmaker Scott Storch’s financial records have reportedly leaked online showing the platinum-selling producer owing over $58,000 to multiple creditors. While Storch has yet to address his monetary losses, bankruptcy papers have displayed his current hardships.
Welcome to Chapter 13 in the Scott Storch-is-broke-again saga — today we’ve learned how the once-loaded music producer now has more debt than he has dollars. Storch filed a bunch of papers in U.S. Bankruptcy Court, revealing that Scott owes $58,077.37 to 13 creditors in 7 states. To put this in perspective, dude’s net worth was reportedly $70 million in 2006. (TMZ)
The Queen of B(ills)- Lil Kim
Lil’ Kim’s $979,090 tax debt records have reportedly emerged, detailing each payment she currently owes including both state and federal taxes.
The state of New York filed a $12,599 tax warrant on April 26, 2008, in the New York County Clerk’s office. The IRS filed a $50,464 lien on Sept. 5, 2007, in the Bergen (N.J.) County Clerk’s office. The IRS filed a $67,509 lien on May 14, 2007, in Bergen County. The state of California filed a $4,089 lien on Sept. 16, 2005, in Sacramento County Court. The IRS filed a $232,348 lien on Aug. 16, 2005, in New Jersey. The state of New Jersey filed a $51,471 lien on Aug. 11, 2005, in New Jersey State Superior Court. The state of New Jersey filed a $77,939 lien on Dec. 9, 2004, in New Jersey Superior Court. The IRS filed a $482,671 lien on Feb. 19, 2004, in New Jersey. (Detroit News)
(wooohaaa! I just bounced a check) Busta Rhymes
Rumor has it Busta Rhymes is the latest victim of “my credit is shot to hell because I’m not making enough money to pay shit off” syndrome. Supposedly he purchased a lot of jewelryand luxury items on credit since he thought he was about to make serious cheese on his latest album. But after it flopped…which he supposedly blames on
illegal downloading…he can’t pay off anything. He also supposedly is alienating his friends and people who can help him and this isn’t the first time it’s happened. Especially his friends since he’s been acting an ass with them.
Wu-Tang Clan’s Method Man has confirmed earlier reports of his vehicle being repossessed by the government citing his marijuana usage as the primary cause of his tax problems.
The M-e-t-h-o-d Man detailed his past issues with the government and falling behind on payments. “Myself, I’m a pothead,” he admitted. “It’s no secret. Everyone knows that. I go on the road and forget everything else. Sure, [the tax department] sent letters to myhouse saying, ‘We need this money.’ They started sending them in 2002.” (Staten Island Advance).Mef’s truck was taken from him last week as a result of a $50,000 debt in New York taxes. (did he really just blame it on the weed?)
Nas’ troubles with the Internal Revenue Service have reached a new level, with the Queensbridge rapper’s debt amounting to more than $3 million. We’re not even going to talk about his alomony and child support payments…
(mr. I shoulda pimped my damn tax return) Xzibit
TMZ has learned Xzibit owes at least $21,403.98 in back mortgage payments, and he’s officially been warned by the bank that foreclosure is next. But judging from the way Xzibit flashed his ridiculously expensive diamonds in Vegas Wednesday (April 22) night, someone forgot to tell him about the house trouble — and the more than $500,000 he also owes in back taxes. (TMZ)
Rap veteran Xzibit’s debt issues have continued to leak online as the rapper-turned-actor is reportedly facing a home foreclosure due to mortgage payments.
While X has yet to release a statement addressing his monetary issues, he now owes over $21,000 to a bank.
Young Buck (s)
Young Buck had to have 50 Cent pay off his taxes, turning himself into 50’s indentured servant.
Despite selling millions of records in the Nineties, Suge Knight and Death Row records would go bankrupt.
Dame Dash (mr. “Cake-a-holic” himself)
A Manhattan judge this week ordered the city to seize Dash’s Chevrolet Tahoe, since he wasn’t making the $714.99 monthly payment on the leased SUV. Eastern Savings Bank foreclosed on the $7.3 million mortgage for two trendy Tribeca condos where the monthly $78,504.26 bill went unpaid for months.
Dash faces an outstanding $2.1 million tab with the New York State Department of Taxation and Finance, a $4,500 bill from the state for not paying workers’ comp and a suit that says he stiffed the law firm that handled his child-custody case. Dash even got dumped by another firm representing him in a $3.5 million suit against accountant-to-the-stars Barry Klarberg, who is accused of bungling his tax returns, costing him millions.
Now with all the peddling and brainwashing of their ballerific ways to the youth, not one single person mentioned above besides Scott Storch has come out, taught a mini personal finance class, scheduled an interview, spoke at high schools or churches about the dangers of overspending for minorities, or even released a cot damn tweet that said “Folks, please be responsible with your money!”. Nope.
Instead, for most of these rappers (besides Nas) it was right back to rhymes about drug slangin, Versace outfits, diamond chains and rented whips. I mean is it this serious within our culture that we will do whatever it takes to keep the front alive? With us, its always going to be “keep up with the Joneses by any means necessary” regardless of what it does to the youth huh? In that case, I guess these videos pretty much sum it up now don’t they—->>
(by the way, let us know if we’ve missed any or if you know of some we should include. Email us at email@example.com)
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