Once hot hip-hop producer Scott Storch has found himself in economic distress recently, struggling to pay for his lavish lifestyle now that he’s no longer making hit records. Now it seems his money woes have caught up with him as SunTrust Bank is moving to foreclose his house and electrical and security companies are demanding back payments.
Palm Beach Post: SunTrust Bank moved earlier this month to foreclose on the $10 million Miami home of Scott Storch, according to Miami-Dade County records obtained by Page 2.1…
In his blinged-out heyday, Storch signed for two SunTrust mortgages worth a combined $7.75 million so he could buy a 10-bed, 16-bath mansion on Miami’s Palm Island. He hasn’t made monthly payments for most of this year, even after borrowing another $170,000 from friends, according to court papers.
Storch’s sprawling home also has been liened by an electric company for $11,215 and a security system installer. Storch still owes $17,151 for his state-of-the-art camera network — a system that couldn’t keep out repo men.
Over the past month, Storch saw his Ferrari Scaglietti and his prized motorcycle, a Bones Bike, repossessed.
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