Scott Storch's financial troubles continue to mount as reports have surfaced that the producer is facing foreclosure on his $10 million mansion.
According to The Palm Beach Post, Storch had signed two mortgages with SunTrust Bank that were worth a total of $7.75 million to purchase the home but has failed to make monthly payments for nearly a year.
In addition to the expected foreclosure, Storch is also responsible for $11,215 worth of electrical lien throughout the 10 bedroom, 16 bath home and paying $17,151 for his personalized camera network.
As reported earlier, Storch currently owes $511,839 in property taxes for the mansion and also owes $46,000 in child support. He also owes $500,000 to a record label for reneging on a loan deal.
Storch's lawyer, Guy Spiegelman, has blamed mismanagement and "cash flow problems" for Storch's financial difficulties.
Storch has produced hits for Fat Joe, Beyonce, Dr, Dre and G-Unit, among others.
Source: Sixshot.com
According to The Palm Beach Post, Storch had signed two mortgages with SunTrust Bank that were worth a total of $7.75 million to purchase the home but has failed to make monthly payments for nearly a year.
In addition to the expected foreclosure, Storch is also responsible for $11,215 worth of electrical lien throughout the 10 bedroom, 16 bath home and paying $17,151 for his personalized camera network.
As reported earlier, Storch currently owes $511,839 in property taxes for the mansion and also owes $46,000 in child support. He also owes $500,000 to a record label for reneging on a loan deal.
Storch's lawyer, Guy Spiegelman, has blamed mismanagement and "cash flow problems" for Storch's financial difficulties.
Storch has produced hits for Fat Joe, Beyonce, Dr, Dre and G-Unit, among others.
Source: Sixshot.com
