J-Banks

Hip-Hop Stars Feeling The Effects Of Slumping Real Estate Market Too
Published: Tuesday - August 19, 2008
Words by Allen Starbury

The U.S. real estate slump has not slowed up, and while the general public has suffered most from the decline in property value -- forcing them to sell at a lower price tag then what they purchased their homes for -- they're not the only ones affected. Hip-hop stars are in the same boat.

Forbes.com recently highlighted the rappers who have real estate on the market. While some are just looking for new scenery, others are in a crunch like everyone else. Among them include former hip-hop powerhouses like Scott Storch and Suge Knight.

Storch, once considered one of the most sought after producers in the music biz, is going through hard times right now. He hasn't had a top 10 hit in nearly three years, and as he faces financial troubles, his home made be in jeopardy.

According to Forbes, the producer has liens on his $10.5 million Miami home for unpaid electric and security bills, as well as two years' worth of unpaid property taxes totaling a half-million dollars. Thanks to his lavish lifestyle, his home may go into foreclosure.

Suge Knight on the hand had his house placed on the market after filing bankruptcy in 2006 when he lost control of his Death Row Records label and was ordered to pay a $107 million in a civil suit filed by a woman claiming she helped launch the label in the first place.

In 2007, his $6.2 million Malibu mansion went on the market. The estate boasts 8,000 square feet of space, seven bedrooms, nine-and-a-half bathrooms, and ocean views. At press time, however, it is unclear if the property was sold.

Knight and Storch may be in a bind, but others like 50 Cent just don't need all the space their estates provide them.

Fiddy's 17-acre estate, which was once owned by Mike Tyson, is on the market for $18.5 million. His asking price is well above the purchase price of $4.1 million he bought it for in 2003.

Russell Simmons Saddle River, NJ mansion, which took a whole episode of MTV Cribs to show, is on sale for $20 million. The house is being sold due to his divorce from Kimora Lee Simmons.

While many are selling their homes, others are building. Forbes reports that Jay-Z and Beyonce are building a multi-million mansion in the wealthy New York City suburb of Scarsdale.

For a full look at hip-hop homes for sale, see the rest at Forbes.com.

Source: ballerstatus

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