News: Scott Storch's $7Mil Miami Mansion Foreclosed
Tuesday, Aug 25, 2009 3:00PM
Grammy-winning producer Scott Storch has reportedly lost his publicized $7 million Miami mansion, which has been used in the past for his music videos and photo shoots with Lil Kim, after SunTrust Bank foreclosed on the home last week.
Storch reportedly lost the mansion last Friday (August 21).
SunTrust Bank took back ownership of the home Storch defaulted on last July, buying it back at an auction on Friday for $5.5 million. The 10-bedroom, 16-bath home was valued at around $7 million. The bank had been trying to foreclose on Storch for months, but couldn't because he had declared for bankruptcy (it was recently dismissed). (TMZ)
Storch recently spoke on his battle with drugs and how he lost over $30 million in six months.
"The cost of the drug didn't affect my life," he explained in an interview last June. "It was the poor decisions I made, that were so poor financially, that caused me to go into this situation where I was forced to change my lifestyle...forced to change a lot of things. [I had] 15 to 20 cars at all times...That's not smart. I would take one of 15 half-million-dollar cars I owned and go to the mall and spend that much money. Stupid, stupid stuff. It's like it didn't make a difference. They were ego investments. I would have been great with three or four cars! I didn't need a 117-foot boat...I watched my own father, he went bankrupt and had problems with the IRS. He was living beyond his means, and I guess I was doing the same thing and not even realizing it." (MTV)
The producer was previously ordered to pay a film producer $750,000, who sued him over a breach of contract and civil theft suit last year.
Matt Sinnreich paid Storch $25,000 for 25 percent of the corporation. But Storch, 35, ''failed to form the corporation . . . and failed to return the $25,000." Storch failed to respond to the complaint and Circuit Judge Ronald Friedman granted Sinnreich's motion for default last December. Jurors recently decided the question of damages, rendering the $750,000 verdict, says Sinnreich's attorney Marc Brumer. Sinnreich is trying to collect on the judgment but Storch, once reported to be worth $70 million, has had money woes. He fell behind in child support and owes $722,906.19 in taxes on his $10.5 million mansion on Miami Beach's Palm Island. In March, SunTrust obtained a judgment of foreclosure for $8,484,835.67. The property sale is set for June 26. (Miami Herald)
Aside from his legal issues, Storch reportedly joined forces with GenX and Bunin/Murray Productions to kick-off an upcoming reality show.
The show will give an introspective look into the life of this dynamic and incredible talent. The show will also document him making hit records with all of the hottest acts in the industry while opening the door to the hot and trendy Miami music scene. Also, it will capture Mr. Storch's ups and downs in the volatile music business. (California Chronicle)
No further information on the forthcoming reality show has been provided.
Check out a past Scott Storch interview below: