Scott Storch finally going broke?

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Hahaha ..

Sad story though .

 

Why? He rode a wave and couldn't see it crashing down around him. I don't have much sympathy because it's entirely his fault and not at all due to outside circumstances.

 

Looks like he hasn't paid the property taxes on his house for the past few years http://egvsys.miamidade.gov:1608/wwwserv/ggvt/txcaw01.dia?folio=0242050010310
Real Estate Tax Information
Today's Date: 03/27/2008 Last Update: 03/25/2008 Tax Year: 2007

Folio Number: 02 42050010310 MIAMI BEACH

Owner's Name: SCOTT STORCH

Property Address: 70 PALM AVE
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**** Prior Years Taxes Due ****

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Mailing Information : Legal Description :
SCOTT STORCH 32 53 42 4-5 54 42
70 PALM AVE PALM ISLAND PB 6-54
MIAMI FL LOT 34 & 20 ST STRIP SW OF & CON
331395138 TO BLK 1

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To view 2007 Tax Notice/Memorandum click here

Amounts due if paid by 03/27/2008 in U.S. funds

2007 Taxes $ 188632.81
* Prior Years Taxes $ 257283.21
Total Amount $ 445916.02

If payment is not received by the specified date the total amount due is subject to change.

 

Yes but its still sad to see someone who made it all the way up go down. Obviously i dont know if he did come from nothing but i also dont know if its only his fault that he is going down now.

 

My understanding is he still owns the rights to most of the Beatles songs, which is worth $$$$$$. This is what he is using for collateral.

 

Reference please. Didn't know this.

RMX

 

He used to own the publishing rights to several of the Beatles songs as referenced in this 1995 article: http://www.straightdope.com/classics/a951027.html

It looks like his recent financial and leagal woes have taken their toll on his holdings though as referenced in this article: http://entertainment.timesonline.co.uk/tol/arts_and_entertainment/article705508.ece

 

He did buy the rights to many of the Beatles songs but I beleive he has been selling them piecemeal to Sony, so I don't know if he owns all that much anymore.

 

Who else's fault could it be though? Unless he was a victim of robbery, then it's his fault. Even if he was rolling with an entourage that cost $$$, it's still his fault.

And it seems like he's still not taking corrective action. I'm guessing he has residual income from various things... he should figure out what his expenses are each month and whittle them down until he can meet them with his income. The most important thing is to keep his house and be able to pay the taxes on it.

But it looks like he's still trying to live a carefree lifestyle. We hear about credit cards being declined and boats and cars being repo'ed. It's stupid that he was financing all that stuff to begin with! And if he couldn't afford the payments, then he should have sold them or worked something out with the bank. Now he will lost much of any equity he had in the vehicles and he'll be even worse off.

No sympathy at ALL for this guy. He made a bunch of really stupid decisions and it's entirely his fault. Even if he took $25mm home after taxes, that's enough to invest and give himself close to a million a year income. You can live very nicely on that - big house, expensive cars. But you can't have private jets, multi-million dollar yachts, ten or more million dollar cars and party with expensive champagne at VIP clubs every night. He was living a Britney Spears lifestyle on a Jamie Lynn Spears income and it blew up in his face. His mistake, and he'll likely never get it back....



...much to his fanboi's chagrin.

 

after all the ****talking about what he had compared to Timberland
I bet Tims laughing his ass off right now

Scott to Tim
"wheres your Veyron at"

looks like Tim was smart enough NOT to get one that he couldnt afford
and if he did, Im sure it would be his, not some lease BS for publicity like Scott did

 

Now that is a funny picture & statement! I have seen the way this guy spends his money first hand pretty much everytime I am in Miami and always thought that it was a bit much. How can you spend that much in a year?????

 

Link doesn't work.

 

I noticed someone said Storch's Veyron was back at Silicon because it was a rental, or something. So, I'm assuming that would be the black on black Veyron. If so, why has Storch's garage been seen with the black/black Veyron again?

 

+1 Storch had enough money that he shouldn't ever have to work again a day in his life. If he goes broke it's because he didn't invest his income into future money producing endeavors. There is no reason someone with that kinda wealth should ever go broke, unless there was a worldwide economic meltdown...but that hasn't happened yet

That is my understanding as well

 

Excellent point. 100% his fault. However, were are preparing to bail out all the homeowners that lived beyond their financial means. Where do we draw the line. A millionaire in a huge mansion or dishwasher in a escalade with an ARM. same thing.

 

After reading your post I think we here at FChat should take up a fund for Scott.

Im in !

 

Fortunately for him, he worked for what he had. It's not as if the money was inherited. He's still young and talented, if he works for it I see no reason why he couldn't be at the top of his game (again) in a matter of time. If he did, I'd hope that he would make wiser decisions.

 

Yes it does.

 

To those who wanted to know how you spend $53 million in a year, just spend $2,000/day on cocaine. That's right. Storch is just another guy falling because of drugs. Reports say he owes 1 dealer $40,000.

 

$2k per day on coke wouldnt put a dent in his fortune

 

You're not very good at math, are you? At $2k per day (and assuming $0 additions to the cash - no investment returns, no royalties, no nothing), it would take 72+ years to burn through $53 million.

 

How much blow does $2k get?

Is that a mountain or a line or two?

 

In Miami it's probably $150 a gram street price, and Scott probably gets it really cheap, so I'd imagine he can get a ball for $200-225 or so. That's 10 8balls for $2K, which works out to around 35 grams. That's a lot of f'n yayo. A crew of 20 people could clean that out in a day easy though. Who knows too, Scott looks like he's dippin pretty heavy in it, maybe he's doin a few 8balls a day himself. If he's cookin it...well he could blow $2K before lunch

Either way unless he's partying with 50 people a day 350 days a year, there is no way he's gonna kill more than a mill a year, and that's a lot of blow.