First it was DMX, then Scott Storch, then Damon Dash, now Wyclef Jean is the latest hip-hop “star” to face foreclosure. (How ironic that Ed McMahon‘s trying to get out of his foreclosure crisis by rapping!) Fortunately, this is the only financial problem to plague the former Fugees member, but given what’s happened to his fellow artists, maybe he should keep his mind on his money and his money on his mind.
And just to keep the lyrical references going, we wonder if Wyclef’s bank told him, “I’mma tell you like Wu told me, ‘Cash rules everything around me.'” Or did they just say, “Where my money at?” (Ok we’re done. For now…But if he manages to get out of this, we guarantee you we’ll make a “Stayin’ Alive” reference.)
Palm Beach Post’s Page 2 Live blog (via Cityfile): Proving that foreclosures spare no one, a Miami Beach property owned by hip-hopper Wyclef Jean is about to be auctioned on the proverbial courthouse steps, according to court records.
Through a corporation he owns with friends, the former guitarist of The Fugees borrowed $2 million from Home Equity Mortgage Corp. in 2004.
But a series of construction liens filed since then shows the Pine Tree Drive project was burdened by a heap of financial trouble…
In all, Jean’s corporation now owes the bank $2.4 million, according to the judgment.
The home is to be sold Dec. 12 in downtown Miami.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.