Lil’ Kim Files For Bankruptcy
Grammy-winning rapper Lil’ Kim is reportedly owing some massive debts and has filed for bankruptcy.
The platinum-selling rapper filed for Chapter 13 protection in New Jersey last month after her bank foreclosed on her gated mansion in Alpine and Uncle Sam said she owes $1.47 million in back taxes.
Court documents obtained by the Daily News list more than $4 million in secured and unsecured debts.
The “Ladies Night” singer filed her petition May 8, just three days before her 6,026-square-foot property was scheduled to go on the auction block.
A new listing on Auction.com that remained active Friday said the date for public bidding was rescheduled to June 28.
Her filings in the case say she’s $664,474 behind on payments for the $2.3 million house and claim her gross income has dropped substantially in the last of couple years – from $823,659 in 2016 to $398,000 last year.
The Brooklyn-born rapper, whose real name is Kim Jones, has submitted a proposed plan that would let her restructure her mortgage with the agreement she would sell the house by next May.
According to the filings, Jones has monthly income of $18,286 and a monthly mortgage payment of $6,610.
The Grammy winner and former girlfriend of Notorious B.I.G. says her assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000.
Jones lists her cash on hand as $2,500.
According to the filings, Jones spends $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, and $2,317 on staff.
Beyond her IRS tax bill, she also owes $376,346 in New Jersey state taxes, her court paperwork states.
Jones bought her sprawling estate for $2.3 million back in 2002. She’s been living there with her 3-year-old daughter, Royal Reigh, while continuing to perform and release new music. Her latest single, “Spicy,” dropped in March and features rapper Fabolous.
Leave a Reply