Scott Storch's $10 Million Mansion Facing Foreclosure

July 25, 2008

By Erin T. McMillon

LOS ANGELES (RUSHPRNEWS) July 25, 2008 --The old adage, "when it rains, it pours" has never been truer for former hit maker Scott Storch. In addition to pending paternity and child support suits against him, as well as a host of other financial woes, the producer is also facing foreclosure on his $10 million Miami mega mansion.

Storch signed two mortgages with SunTrust Bank for a total of $7.75 million to buy the home but has failed to make the monthly payments for almost a year now, says The Palm Beach Post.

In addition to the anticipated foreclosure, Storch is also on the hook for a $11,215 electrical lien for the 10 bedroom, 16 bath home. He also owes $17,151 for his personalized camera network.

As previously reported by Yo!Raps, Storch's money troubles extend far beyond mortgages and child support as the producer also owes $511,839 in property taxes. He also needs to pony up the cash for a $500,000 loan from a record label.

Storch's lawyer, Guy Spiegelman, said that his client's financial issues are due to "cash flow problems."

At press time, Storch had not publicly commented about his money woes.

NEWS SOURCE-  for Yo!Rap Magazine

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Comments

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Celeb Foreclosure « Smart Mortgage Advice (2008-07-25)

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Scott Storch?s $10 Million Mansion Facing Foreclos (2008-07-29)

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