Scott Storch finally going broke?

Also I've been reading this and is it true he has a Red and Black Veyron now? And was the other a lease??

 

you know how much money his money makes him in one year. if he even had 10 mill left, he could still turn around and do well with a good investor

 

But the sad part is he won't. He will waste that last 10 mil to try to up hold his reputation, a la MC Hammer. He has always been a flashy person and those people just can't portray an image of broke.

 

Keep in mind he gets a lot of royalties monthly. My guess is that he is just liquidating assets now. He has been a part of over 20 million platnium album sales. He makes a nice chunk off of all those tracks each year, quarter, month (not sure how they're paid for album royalties).

So is it true that he now has a red/black Veyron?

 

Perfect color scheme for him. Financially he's in the black...no red...oops black...now red....back into the black......

(sorry, couldn't resist!)

 

Unless he's got the same investor as Mike Tyson. Don't forget he was worth 300mil. Now... not so much.

 

O'Rly? People are still buying music?

 

10M in tax free munis will more likely get you 350-400k tax free per year, which still makes for a fabulous lifestyle. You make not get you into an enzo or veyeron but you can still save for 2 years and buy a nice brand new Ferrari no sweat.

If storch really is going broke he's a moron and deserves it. 70M net worth will buy you anything you want.

 

His music wasn't a quick flash in the pan. He's been making music since the early 90's with the roots. He's been a part of over 20 million multi-platinum records and 12 million platinum records. He's not a "new guy" that had 2-3 hits in the last 2 years and made some cash. He has just been laying low until he started becoming more and more of a celebrity (sometime around 2004 when he was on MTV for the Lean Back hit). His last big hit was in 2006. Since then nobody has had a really big hit. He still gets a good amount of royalties. While album sales are down - significantly; people are still buying here and overseas.

That's really easy to say, it's a whole different ball game when you actually have 70 million; $350-400k a year is not a fabulous lifestyle by any means - it may be to those who make $50k a year. It's not bad, but it's not extravagant. When you have $70 million you want more, when you have $2 billion you want more. Your appetitive grows in relation to your bank account. You have a G550 you want a Boeing 787 BBJ, you have a 100 foot yacht, you want a 450 foot mega-yacht. The whole key to the game is actually being able to make the right decisions to keep the ball rolling and not spending it all too fast and being left with nothing.

 

Well someones got to buy it to put it online

 

man id hate to have that superficial of a personality...but you are correct in that many people are that way.

I have a buddy that was in a popular 80s metal band...still makes about $10k month in royalties.

 

Don't forget that the scenario described above would be $350-400k *after tax* which is probably a lot like $700k pre-tax so it is a pretty fabulous lifestyle. That could easily afford a very nice $1mm home, new Benz S-class every 2-3 years, a toy car or two, and plenty left over for travel and fun.

The problem Storch is going to have is that when your pipeline of cash flow is as large as his is/was, it's not easy just to shut it off like a faucet. He will have lots of continuing expenses that may not be so easy to get rid of. Usually when someone gets into financial trouble, they start not paying the things they can get away with not paying (like lease payments, property taxes, insurance, etc). So Storch may not have nearly as much net worth as folks think when you take his liabilities into accuont as well as his assets.

 

Wow that's funny!

 

His Bugatti is on Ebay.

Item number: 330237101644


http://cgi.ebay.com/ebaymotors/2006-Bugatti-Veyron-2-400-Miles-3-DAY-AUCTION-LOW_W0QQitemZ330237101644QQihZ014QQcategoryZ6472QQssPageNameZWDVWQQrdZ1QQcmdZViewItem#ht_1218wt_0

 

just a lil late,

 

I might be going to South Beach this weekend...can anyone confirm that he has a Red/Blk Veyron now??

 

Not put you can.

 

Good luck peeking through those gates ... I stayed on Palm Island for a while, and it's tough to see anything but a few Escalades through that gate (unless you walk up and stare around like a stalker). I stayed a few houses down, and I NEVER saw a RED/BLACK Veyron... definitely did see the dark Bugatti blue one though.

 

What makes you think he's doing that? I think a lot of people are too quick to assume things that aren't true. This guy makes over a mil a month off royalties. Records are still selling here and overseas. While it's slower, it's most certainty not dead. There has been no proof that he is even remotely going broke. Besides some gossip blog reporting that his credit card was denied at a Miami night club and that he owes people money from lawsuits.

 

...and his boat getting repo'ed, his home appearing in disrepair, his Rolls (or Bentley, I forget) being repo'ed and his Bugatti(s?) up for auction at pretty short prices, having paintings reposessed, and of course having a very large and very delinquent property tax bill on file against him.

How do you know he is taking in $1mm/mo in royalties? That seems very high to me... but maybe he is?

It does seem pretty certain though that he is in a bind because what other reason could there be for him to have at least 3 high-priced and valuable things reposessed, and have a huge outstanding and and unpaid tax bill? He certainly is having problems.

 

Where did you hear of his boat getting repo'd? The Bugatti could've been sold back to Ft.Lauderdale collection, who knows? On a side note, someone on another board did a public records look up on him in Miami and there are court papers allowing VA leasing to immediately repossesses their 2005 $320,000 hard bones motorcycle and 2006 $26x,000 612 Scagletti from him because of delinquent payments. Can anyone confirm his house on Palm Ave is still there and hasn't been put up for auction?

Eh, nothing is for certain. Someone said his Drop Head is back at the collection, but it's not there? I'm asking myself why I even care at this point. I guess it's just sad to see a great musician like this go broke in such a short amount of time. Must be something seriously wrong with his financial decisions. Be it investments, drugs, extreme spending (on what though) - who knows.

 

What's a hard bones motorcycle? I tried to google it, didnt find anything.

 

Whoa whoa whoa. Simmer down there little buddy. First off, Scott isn't a musician. He's a producer. 2 different things. Producers often play instruments, but they're not musicians
2ndly, he's not "great" by any means. Well that's my opinion anyway, and I'm sticking to it. I'd venture to say he is a good producer, but I'd never call him great.