News: Timbaland Avoids $2.6 Mil Condo Foreclosure W/ Last-Minute Deal

Tuesday, Feb 1, 2011 4:40PM

Written by Biz Jones

Producer Timbaland reportedly avoided a foreclosure on his $2.6 million South Beach, Florida condo after cited for being over $27,000 in debt.

According to reports, Tim was able to make a last-minute payment to cancel any possible foreclosure this week.

A Timbaland insider familiar with the condo issue today called the lien a clerical error. After being contacted by The Detroit News, the producer's financial team wrote a check for the balance of the assessment and saved the condo from foreclosure, the insider said. Though Mosley owns the condo, he relies on financial advisers to pay bills, freeing him to build beats instead of scratching checks, the insider said. "He's the CEO, but he delegates to others," the insider said. Another complication: the condo association hadn't sent a bill to Mosley's financial advisor for two years, the insider said. "As soon as this was brought to our attention, it was paid immediately," the Timbaland insider said today. (Detroit News)

Timbo's financial woes hit the Internet Monday (January 31) evening.

Timbaland, 38, whose real name is Timothy Mosley, bought the condo in 2006 and recently tried to peddle it for a little less than $2.8 million. The Murano Grande at Portofino Condominium Association Inc. filed an $18,883 assessment lien against Timbaland on Aug. 10 with the Miami-Dade County Clerk. According to the lien, he owes quarterly condo assessments and late fees from 2010. Two months later, he still hadn't paid and the bill had ballooned to $27,118, according to public records. The condo association's lawyer filed paperwork to foreclose on the lien and have the condo sold to satisfy the debt. (Detroit News)

Last year, Tim landed on the annual Forbes Hip-Hop Cash Kings list.

Forbes released their annual hip-hop cash king list today and at the top of the pile is Jay-Z. They estimate Hov grossed $63 million last year. Rounding out the top five are Dr. Dre ($17 million), Lil Wayne ($20 million), Akon ($21 million) and Diddy ($30 million) 6. Ludacris, $16 million. 7. Snoop Dogg, $15 million. 8. Timbaland, $14 million. 9. Pharrell Williams, $13 million. 10. Kanye West, $12 million. (Forbes)

Outside of finances, Tim recently hinted at the possible end of his weekly "Timbo Thursdays" free music releases.

"here we go "they" up to it, "they" tryin to shutdown my timbo thursdays," Tim tweeted last week referring to a mystery entity.
"i knw some of yall been askin bout timbo thursdays for 2day & i told yall bout my dilemma wit "they" tryin to shut it down 4 various reasons ... sh*t got me heated forreal"
"but notice i said "they" are tryin to shut it down. you cant shut me down baby i still do wat i want. i'm the king baby lets go" (Timbaland's Twitter)

Check out some recent Timbaland footage down below:

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