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Scott Storch finally going broke?

Discussion in 'Other Off Topic Forum' started by MurcieMurcie, Jan 6, 2008.

  1. rushdriven

    rushdriven Formula 3

    Jul 1, 2004
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    John R. Eltringham
    =

     
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  3. djui5

    djui5 F1 Veteran

    Aug 9, 2006
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    Interesting, thanks :)
     
  4. Pcar928fan

    Pcar928fan Formula 3

    Jan 21, 2008
    1,685
    Austin, TX
    I think Chevrolet has come up w/ the answer for the protecting the CF... You guys have probably seen info on the new ZR1 and in most of the tv stuff I have seen they talk about a clear coat paint specifically designed for the CF stuff to keep it from "breaking down" I think is the way they put it, but it might be just to keep it from yellowing... It costs like $60,000 a gallon or something crazy like that. They do thin it and they don't use very much at all on each car, but DAMN that is some expensive paint!

    As for Storch... What a freaking DILL HOLE! (I don't even know what that means, but I have heard it before and I thought it sounded funny and fitting for this IDIOT!) The first time I saw him they were talking to him about the Veyron he had and the first thing that went through my mind was how long would it take for this guy to go broke? Not long is the answer to that question. I suspect that he does NOT have a bunch of money stashed away and I also suspect that he owes MUCH more than he is worth... Which means I am worth more than he is but I don't have a Veyron parked in my garage. What is wrong w/ that picture?! DANG IT!
     
  5. AntonyR

    AntonyR F1 Veteran

    Apr 12, 2004
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    Antony
    here it is guys:


    "Superstar hip hop producer Scott Storch may soon be homeless.

    His bank moved earlier this month to foreclose on his $10 million Miami home. The bank loaned Storch $7.75 million so he could buy the 10-bed, 16-bath mansion on Miami’s Palm Island.

    He reportedly hasn’t made monthly payments for most of this year, even after borrowing another $170,000 from friends, according to court papers.

    Storch has also has been sued by an electric company for $11,215 - and a security system installer too! Scotty still owes $17,151 for his state-of-the-art camera network.

    Hip hop's 'Liberace' may have been worth $70 million as late as last year.

    Looks like his penchant for high rolling has totally effed him up, though!

    Storch was known to drive around SoFla in Rolls-Royces or Ferraris, spending hundreds of thousands in local nightclubs and keeping a substantial entourage.

    Y'all, living large is stupid!

    Look where it could leave you!"

    -PerezHilton

    Antony
     
  6. TexasF355F1

    TexasF355F1 Four Time F1 World Champ
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    The white MC Hammer?
     
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  8. ADON

    ADON Formula 3

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    #206 ADON, Jul 25, 2008
    Last edited: Jul 25, 2008
    Scott Storch flat broke and on the run. Wow. Shocking, but not surprised. I don't care what Rolling Stone or Perez says. It's obviously Scott was pretty much out of cash when that Rolling Stone article came out claiming he had $70 million. You don't go through that much in one year without major purchases. He did not buy anything. He was just at the end of the rope. Now it's all gone. Sad.
     
  9. Darolls

    Darolls F1 Veteran
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    Not sad when it's one's own stupidity and arrogance that causes it! When you try to impress others with material objects, in most cases it will end up biting you in the ass. Living at the end of your means is a big mistake!
     
  10. djui5

    djui5 F1 Veteran

    Aug 9, 2006
    5,410
    Phoenix, Arizona

    Yes. I think there is a great lesson to be learned here on how to properly manage your money. We all say "if I had 50 million dollars", but when the time comes, do you really know what to do with it? I sure hope that this scenario never happens to me or anyone I know, but obviously it does happen. What is sad is that Storch never took on a financial advisory, or took on a bad one. I still remember reading about when Trent Reznor's manager told him he had $400K in cash left. He probably almost died right there. I mean, it can happen that easily. We should all be more careful with our money.

    Then again, living like a rock star knowing it will all end some day could be a hell of a trill ride!!
     
  11. ADON

    ADON Formula 3

    Feb 8, 2007
    1,045


    If you have to have someone tell you that you only have $400K left, you have nobody to blame but yourself. At the very worst, you could let you millions sit in CD's and earn you a living of a few hundred thousand a year. I know people with $10 million plus. They have two people managing their money at most and can see how much they have with a few clicks of the mouse at any time of the day. For some reason, celebs hire teams of people, who hire another tier of people under them who hire a third tier under them, and everyone is throwing their money in 100 different directions and the celeb has no clue where it's at or what it's doing. Then they are shocked and horrified to find out that all these people put it all in investments that did poorly and then pocketed and ran off with the rest.
     
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  13. Andy1984

    Andy1984 Karting

    Apr 6, 2007
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    #210 Andy1984, Jul 26, 2008
    Last edited: Jul 26, 2008
    damn I cant believe these people go through SO MUCH money so quick! haha not really. I believe it, spending that much has to be a lot of fun.
     
  14. djui5

    djui5 F1 Veteran

    Aug 9, 2006
    5,410
    Phoenix, Arizona

    Well that depends on your occupation. As a music artist you really don't have the time to micro manage your money. Trent obviously trusted his manager too much and hadn't been checking up on his finances like he should have, so yet it was somewhat his fault. This is the double edged sword of the music business. You have to hire someone you trust to manage your money because you don't have time, literally. You tour, you record, you do so much crap that most of your life is sleeping or performing or recording or doing appearances or whatever. Anyway, Trent would have been smart to at least take a day once a year to go over his expenses for the previous year and do the math. He's smart enough. Had he done that he probably would have been better off these days. We all live and learn I guess. It's just sad that he trusted his manager that much and his manager ripped him off. Look at what happened to Selina. If it wasn't for her father checking on her money...
     
  15. Nav

    Nav Rookie

    May 24, 2006
    9
    nothing wrong with having someone "manage" your money. But that doesn't mean one must be totally oblivious to the happenings of ones investments/finances.
     
  16. #213 FerrariSlave, Aug 1, 2008
    Last edited: Aug 1, 2008
    That article came out in 2006, which was pretty much the peak of his career. Also, he had a reported income of $17,000,000 in 2007. That was not his networth re-reported with a loss, there was no los, it was an actual income figure for the year of 2007, completely independent of the rollin stones 70 million figure. I'm pretty sure he wasn't broke, or even close to it all the way up to the end of 2007 and beginning of 2008. There also hasn't been any information regarding how he lost his money. Friends, parties, drugs come to mind, but I doubt that's the sole cause.

    As for Scott, he's doomed. What's odd and somewhat exciting in all of this mess is that he's still driving a $550,000 Red Drophead Phantom around Miami and staying in $4,400 a night villas in Hollywood. There must be something seriously wrong in his life right now.

    http://www.flickr.com/photos/fodder/2721757724/sizes/o/

    http://www.flickr.com/photos/fodder/2659513979/sizes/o/
     
  17. TexasF355F1

    TexasF355F1 Four Time F1 World Champ
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    Interesting.
     
  18. Ermanno Claypool

    Ermanno Claypool Formula Junior

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  19. AJ

    AJ Formula 3

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    It's unfortunate how things worked out for him over the last few years but it could have been a lot worse. The thought of blowing $30 Million on cocaine in six months is seriously scary. He's lucky to be alive IMO. Anyway, it's good to hear that he's back in the studio because he is a genuinely talented musician. Hopefully he can learn from his mistakes and get his life back on track.
     
  20. REMIX

    REMIX Two Time F1 World Champ
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    It's going to be very hard, if not impossible, to get back to where he was. The fact so many people saw his addiction up close and personal will likely scare them away for good. I don't care how talented, we're talking years before some of these people will let him produce for them again (if ever). Then again there's the issue of whether or not he's out of touch musically...music changes quickly. Hip hop and R+B sounds different today than it did a year ago. Lots of new and eager producers out there...you know what they say: there's always someone younger and more talented behind you. Hopefully he can turn it around.

    RMX
     
  21. anunakki

    anunakki Five Time F1 World Champ
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    You're the expert.

    Ill be interested to see how this plays out as they claim he is already booked up with A listers...of course its a primp piece so they are going to say that regardless.
     
  22. KennyH

    KennyH F1 Veteran
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    Aug 13, 2001
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    Nothing here surprises me. A few years ago, I was friendly with a big-time rap artist. We, of course, met through cars -- and asked my opinion on him buying a Bentley GT. He went to the local dealership - and the deal terms proposed were absolutely ridiculous. He was getting ripped off.. I set up a deal with a friend at a different Bentley dealership - and when they ran his credit, it turned out that he owed $100k in back taxes and his last two cars were repossessed.

    His manager, IMO, did an awful job overseeing his expenses, and I wouldn't be surprised if he had little to no money - even after selling millions of records and signing significant major label contracts..
     
  23. WJHMH

    WJHMH Two Time F1 World Champ
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    #220 WJHMH, Jul 13, 2009
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  24. ryalex

    ryalex Two Time F1 World Champ
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    Aug 6, 2003
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    I will give him credit for coming off surprisingly contrite and humbled. It's clear that he hit bottom and knows it.
     
  25. anunakki

    anunakki Five Time F1 World Champ
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    that story is very very common in the entertainment biz
     
  26. Skyler

    Skyler Formula 3

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    Cocaine's a helluva drug
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  27. TexasF355F1

    TexasF355F1 Four Time F1 World Champ
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    Wow. I wouldn't recognize him walking down the street without his shades.

    Except for the whole autotune thing still seems to be fairly popular. What's your opinion on its use with your experience?
     

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