Here are rappers who have gone broke!
Wait until you hear what exactly Birdman decided to steal back from his mansion!
10 - Bow Wow Is it surprising to anyone that Bow Wow is
on this list?
Considering he started releasing music when he was 13, you’d think he'd have a decent
amount of cash saved up over the years.
But, as we’ve said many times on this channel, what’s important is to keep what you earn!
During a child custody case where he was ordered to pay $3,000 dollars a month in child support,
Bow Wow informed the court he made just $4,000 a month and only had $1,500 in his bank account.
He also merely leased a relatively modest car.
That might be because four years earlier, he had leased a Ferrari F430 and within months
was behind on payments.
However, the day after the hearing where he told the court that he’s broke, he did sign
on to be one of the new co-hosts of the now canceled BET show, 106 & Park.
Later on, he even gave a statement saying that he’s a smart guy and until you see
him on a corner begging for money, he’s not broke.
Well, I guess that’s one way of admitting lying to a judge in court!
The funniest thing with Bow Wow probably still has got to be back in 2017.
He posted a picture of a private jet on his Instagram with a caption that heavily implied
it was his PJ that he chartered to New York.
But the photo was actually a photo from a website.
AND someone saw him flying in economy that same day and posted the picture to Twitter!
In an interesting twist, he recently called money "evil" and claimed he would give his
money away to fans.
It doesn’t take a genius to figure out why Bow Wow’s career fizzled out!
9 - Scott Storch Okay, we know that Scott Storch isn’t a
rapper.
But, he WAS a producer for many artists such as Justin Timberlake, Beyoncé, and Dr. Dre.
And the way he blew through his $70 million dollar fortune is incredible.
In 2006 he had his 70 million dollars.
By 2009, he filed for bankruptcy claiming just $3,600 in assets!
Storch’s lavish lifestyle included a garage with 13 cars, including a $600,000 Mercedes
SLR McLaren, a $500,000 Mercedes Maybach, and a $1.7 million black Bugatti Veyron.
He also bought a $20 million dollar yacht, a $10 million mansion and a $3 million 34-carat
diamond pinky ring!
Apparently in 2006, he started making friends in Hollywood.
And with those friends came the partying.
He basically withdrew from making music and focused on partying with his friends at his
mansion!
In his estimation, at one point, he blew through 30 million dollars in a 6 month span!
However, the good news is, today Scott Storch is back in the studio and he’s back on his
feet making music.
8 - DMX In 2016, DMX filed for bankruptcy for not
the first, or for the second, but for the third time since 2009!
He owed creditors over $2 million dollars and filed for Chapter 13 bankruptcy as an
attempt to save his New York home.
This is a guy who’s had FIVE number 1 albums!
So how did he get so broke?
Well, he has 15 kids with nine different women.
That’s definitely a big part to why he’s had financial issues despite being probably
the hottest rapper in the late 90’s.
And then there’s all the crazy legal issues he’s had for all the crazy things he’s
done.
The craziest story has to be when he pretended that he was a Federal agent and tried to carjack
someone!
DMX filed for bankruptcy first in 2009, and again in 2013.
In 2016, DMX filed for bankruptcy again.
He claimed that he had no assets at all except for his house.
And he had absolutely no money in his bank account.
He also claimed that he doesn't own stakes in copyrights or trademarks for any of his
music.
Finally, in 2018, the IRS came for the $2.29 million he owed them.
He ended up spending a year in jail for tax evasion.
7 - Fat Joe Did you guys know that Fat Joe has released
10 albums?
What’s more surprising, he has 10 albums or that he’s on this list?
His first run-in with the taxman was back in 2010.
He only owed around $105,000 to the state of New Jersey and he was able to pay it back.
But by 2012, things had gotten a lot worse!
Despite earning over $3 million in 2007 and 2008, Fat Joe decided not to pay the more
than $700,000 dollars he owed in taxes!
He had faced the possibility of two years in prison.
But before he was sentenced, he had paid off some of the bill and he also did a lot of
charity work.
The judge took all this into account so he only gave four months to Fat Joe.
But he only served 3 months back in 2013.
You would have thought he learned his lesson, but in 2016 he found himself owing taxes again!
This time he owed $1.1 million.
In a 2019 interview, Joe said he finally learned from his mistakes.
He basically advised young rappers to not waste millions on jewelry and private planes!
6 - Xzibit Do you guys remember Xzibit from “Pimp My
Ride”?
People probably now remember him better for being the host of pimp my ride more than his
rap career!
Xzibit actually had one platinum and two gold albums!
Back in 2009, he owed almost a million dollars to the IRS.
Somehow, he blamed his financial problems on the fact that Pimp My Ride got canceled.
Okay, let’s be real here, the real problem for him was spending more money than he made!
In 2007, he earned almost half a million from the show.
But after the show was canceled in 2007, his income plummeted to only around 67 and a half
thousand dollars in 2008!
Of course, he couldn’t pull back on his lifestyle.
By 2009, his 7,650-square-foot mansion was facing foreclosure.
He also didn't even own a car!
He had a lease on a Range Rover that cost around twenty two dollars a month!
By 2010, he found himself $1.4 million in debt.
C’mon, everybody knew that Pimp My Ride couldn’t last forever!
All this sounds like the reason why athletes go broke!
Find out the REAL reasons athletes go broke by clicking here!
5 - Nas Nas has had a long and successful career,
but as a good of a rapper as he is, it doesn’t mean he’s great in finance.
In 2009, his ex-wife Kelis filed for divorce.
His terrible financial situation came to light while settling on the child support amount.
Nas claimed he owed his manager $700,000 and the IRS millions.
But he was still required to pay over $50 thousand dollars a month in child support!
Kelis wasn't the only ex not getting paid, either.
The mother of Nas's first daughter took him to court in 2014 for owing back child support!
But the worst was probably when he owed the IRS almost six and a half million dollars
in 2011!
The government started to garnish his wages because of that massive debt.
And that’s probably the reason why in 2012, Nas lost his Georgia home.
He failed to make the mortgage payments and the bank sold his house at auction.
4 - Young Buck Musicians, unlike most people, don't get regular
paychecks with taxes withheld.
They get their money with no taxes taken out.
That can be a gift or a curse, depending on who it is.
And this is why entertainers in general get in trouble with the IRS.
And rapper Young Buck owed the IRS hundreds of thousands of dollars in back taxes.
His problem was even worse, because when he got into money trouble, his rap career was
basically over.
In 2012, IRS Agents raided his house and took basically everything of value from his house.
That included his leather dining chairs, his watches, his tattoo kit, and even his refrigerator
with the food in it!
Truth be told, the tax issue was probably not completely Young Buck's fault.
There supposedly was some miscommunication between his lawyer and business manager about
who was supposed to pay the taxes.
The IRS did have a heart and loaned back Young Buck his refrigerator, along with a few other
things.
But taxes weren't his only financial problems.
Twenty-two creditors submitted claims totaling $11.5 million dollars!
He ended up having to file for bankruptcy.
3 - Birdman And now we get to Birdman, co-founder of cash
money records.
Birdman is one of those people who has a heavy spending habit, but he has an ability to quickly
make more money and bounce back.
He’s had various money issues over the years, and his latest legal issue involves his huge
multi-million dollar Miami mansion.
Basically, he took out a 12 million dollar loan for it, and he’s having trouble making
payments.
He went into default back in 2017 and he was ordered to immediately give up his place in
January of 2018.
But that wasn’t the only property he had to give up!
He also had to give up his North Miami office space which is where his recording studio
is located!
As of November 2019, the foreclosure is still ongoing.
All of his stuff in the house were confiscated and put into storage once the bank reclaimed
the house.
However, that didn’t mean anything to Birdman!
Out of all the things he could have taken back from the house, he was accused of stealing
back 4 collector Gucci bikes manufactured by Gucci.
Bank officials asked a judge for help in getting the bikes back!
2 - Lil Kim Before Nicky Minaj and Cardi, there was Lil’
Kim.
She was the first female rap superstar.
She’s been on song with legendary rappers such as Biggie and Jay Z.
And when she rapped on Diddy’s song, “It’s all about the Benjamins”, she wasn't lying!
She loved spending it!
Unfortunately for her, her career has fallen off and her bank account as well.
In 2018, she filed for bankruptcy.
Besides being over $650,000 thousand dollars behind on her house, she owed the IRS more
than a million in back taxes!
She claimed that she owed 4 million dollars overall in 2018.
She claimed that she was making about $18,000 a month.
But she said that she had to budget $2,000 dollars for her staff, another $2,000 dollars
for her wardrobe, and $10,000 dollars for travel.
Are those actually necessary expenses?
What do you think?!
1 - Hammer Pretty much everyone knows that Hammer went
broke.
But he’s still one of the prime examples of rappers going broke!
Hammer’s album Please Hammer, Don't Hurt 'Em, which came out in 1990, is still THE
best-selling hip-hop album of all time with over 18 million copies sold.
Forbes estimated Hammer's net worth back then to be around $33 million dollars.
But just six years later, he filed for bankruptcy in one of the most famous celebrity financial
disasters of all time!
First, there was the $30 million dollar mansion.
Then there was possibly the most epic entourage ever.
Hammer employed 200 people on his payroll, which cost him around $500,000 every month!
However, he told Oprah that it even gotten to quote "a million dollars a month at times."
When he filed for bankruptcy, he said he had several hundred creditors!
However, in 2011 he told Oprah that even if he could, he wouldn't go back and change anything.
He believes in the butterfly effect, and that if things had been different, he wouldn't
have his kids or the peace he has now.
Watch this next video to find out about the real reasons why athletes go broke!