Hip-Hop mega producer Scott Storch is now on the verge of losing his $10 million Miami home as SunTrust Bank closes in on a foreclosure.
According to the Palm Beach Post, the hitmaker responsible for creating smash singles for 50 Cent,FatJoe, Dr. Dre and Beyonce had previously signed two mortgages with the bank worth a total of $7.75 million to purchase the home. However, Storch has missed most of his payments since the start of the year despite allegedly borrowing close to $170,000 from friends.
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.
Since last month, the producer has yet to be seen since a warrant was sent out for his arrest in late June.The hit producers downfall includes unexpected child support fees and management issues.
There was some mismanagement and some other errors, Storchs child support lawyer Guy Spiegelman previously told The Associated Press. I dont think hes going down, I just think hes having difficulty. Its a cash flow problem.