Grammy-winning producer Timbaland is making headlines this weekend for reportedly being hit with a nasty lawsuit over $500,000 he owes an Australian promoter. #ShockedValue

According to reports, Timbo is accused of bailing out on a scheduled overseas concert.

Here’s what happened … Timbaland agreed to a series of concerts in Australia and New Zealand back in July of 2008, and got half of his million dollar payday up front — according to the lawsuit filed today by the promoter … and obtained by TMZ. The promoter, Showtime, claims less than a month before the shows, they were told Tim had to reschedule for August … but they were never given a reason for the delay. (TMZ)

If things go Showtime’s way, he’ll cough up the half a million bucks.

But a few weeks later, Showtime claims they learned Timbaland had scheduled a series of concerts in Finland … on the same August dates as the shows down under. Now for the chutzpah. In the suit, Showtime says when Timbaland finally contacted them to say he was canceling … he demanded his final $500,000 payment! Yeah … they refused. Showtime is now suing to get back the $500K they did pay him … plus damages. (TMZ)

Outside of the legal problem, the mega producer revealed he would no longer drop Textbook Timbo and begin work on a new LP last month.

“I found who I am and what I’m comfortable with, and what I want to do.” Asked about the meaning of the album title and its central theme, Tim humbly said, “It’s a culture thing. It’s the truth. It’s just about life in general. My life. My personal life, and I found myself as an artist and human being and as a man. I found who I am,” sounding strikingly similar to another Virginia native, Pharrell, who famously detailed the mental clarity he found when writing and recording his recent G I R L. (REVOLT TV)

After reportedly putting together Shock Value 3 these past few years, Timbo reconsidered his next LP last fall.

Timbaland had been been working on his new album Shock Value 3 for a couple of years. But the super producer is switching up the plans as he has now scrapped the entire project and re-recording it with a new title to go along — Rebirth. He actually announced this a couple of months ago on the HangWith app but it missed our radar. Timbaland has had huge success in recent months, thanks to the release of Justin Timberlake and Jay-Z‘s new albums. And something tells me, he will go for a more Hip-Hop than Pop sound on this one, unlike his last two efforts — Shock Value and Shock Value 2. (HHNM)