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Dupri has struggled with severe financial issues over the past few years, and has even faced foreclosure on his $4 million Atlanta mansion twice.
[FLASHBACK: SoSo In Debt! Jermaine Dupri Barely Avoids Foreclosure… ]
While he was recently able to save his home by paying off the remainder of a $3 million tax lein, this new lawsuit filed by SunTrust bank could prove more devastating now that the rights to songs from his So So Def label are now on the line.
Details below…
According to the AJC, SunTrust’s lawsuit alleges that Dupri is in default and still owes money on a $4.9 million loan taken out in 2010.
The loan was secured by copyrighted music owned by Dupri, So So Def and other businesses, as well as a building on Briarwood Court in DeKalb County that houses two recording studios.
The debt originated in 2009 as part of an earlier loan that Dupri, who is listed as Jermaine Dupri Mauldin, took on to pay off income tax and other liabilities, according to a separate court document.
The loan was adjusted in 2010 and Dupri, So So Def and another company controlled by Dupri, Southside LLC, were listed as guarantors. Southside was not named in the suit.
The bank allegedly tried to make a deal with Dupri pre-lawsuit which involved the acquisition of certain song rights in exchange for removal of the debt. The deal fell through for unknown reasons.
The SoSo Def catalog contains songs by Lil Bow Wow, Xscape, Da Brat, Jagged Edge and more.
In February, Dupri held an “All-Star Anniversary Concert” to mark the 20th year of his record label. The concert at the Fox Theatre featured So So Def’s laundry list of artists, including Kris Kross, Da Brat, Jagged Edge, Xscape, Bow Wow and others.
[READ: SoSo Def’s 20th Anniversary All Star Concert (PHOTOS + VIDEO)]
There were unsubstantiated rumors that Dupri was considering taking his SoSo Def All-Star’s on the road, but after Kris Kross member Chris Kelly passed away last month, it seems those plans may have been put on hold.
Hopefully Jermaine can make it out of this one with his music catalog intact…. stay tuned.
Should the legendary producer sell off his extensive SoSo Def Catalog to repay his debts?
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I think artists/ athletes/ high-grossing individuals should be required to take a $ management course, or SOMETHING, at some point in their careers. Maybe after the first lawsuit. It should be a part of the ruling.
I want these people to get it together and stop blindly trusting others with their money.
He may need to get a regular job and work doubles like e’erybody else.
Lil man shoulda held on to Janet Jackson when she had low self esteem she finally woke up
SHERRY: even if he and janet had married there woulda been a prenup so j d woulda still had $ problems.
NOOOOOOOOOOO!
I have a question:If non celebs can pay their bills on time,with only a fraction of what these celebs make,why cant they? Is it a case of mo money no problems or trying to keep up with the Jones’s?My big mama use to squeeze blood from a turnip,to get her bills paid.
should be MO problems.
And people talk about Kandi, for balling on a budget! I know JD has seen more money over his career than she has and looks who’s having problems.
True.
Right when I get into my career Im going to be just like Kandi balling on a budget !who has time to keep up appearances its no that serious nore do I want to keep working passt 65 unless its for fun not to pay debts
I’m still trying to wrap my head around why these celebrities/ entertainers feel the need to pay millions of dollars for mansions when there are beautiful and gorgeous homes especially in the beautiful south for $300,000 – $700,000? I see gorgeous homes all the time and they’re not going for millions of dollars. People can talk about Kandi all day long but she definitely knows how to manage and maintain her money and I’m sure there are others out there like her.
this right here proves that kandi is not rich and she was also damn near broke and that’s why she had to do rhoa to make money to stay afloat! no shame, hell, just do better!
I don’t know how this article about Jermaine Dupri proves anything about Kandi’s financial standing. Prior to the Housewives, Kandi did what a lot of these celebrities fail to do…brought a home that she can afford in cash. Perhaps the housewife franchise helped elevate Kandi’s celebrity status, but I think Kandi has always been frugal/smart with her money…only time will tell. We all know a’int nothing secret or sacred anymore so if she does start having financial woes,we will know it right away.
There will be more to fall….to busy trying to wear labels and impress other peeps. Happiness has no label name.
Well if you Google Kandi’s net worth, it says she’s worth 35 million plus 450K per season on the Housewives. Hell if that’s not RICH then I don’t know what is. Lol…Chile Boo! I’m not trying to be in her nor Jermaine’s pockets because I have my own bills to worry about, but I just thought you should know. This post was about Jermaine & not Kandi. LMAO!
You’re OBSESSED w/ kandi this post has NOTHING to do with her and she’s not broke but nice try though you dumb fuck stick
@mary, what the hell this article has to do w/ Kandi. From what I notice she has several successful businesses, and her own show. Plus, lets not forget her mother’s two cent goes a long way and she will not let Kandi fail…
She doing better than JD because she just opened up a third clothing store, has RHOA checks, her spin off check, her song writting checks, her adult toyline, plus a radio show.
If you’re rich, but you have to make payments on it, then maybe you don’t need it. Choose something you can pay for at once without struggling.
You can not get away from making payments. Rich or poor! When you have a job, you spend your money based on the income coming in. If you loose your job, you have to make adjustments. Artists/Musicians/Entertainment is a risky business. Now with the electronic age, consumers steal more than they pay for!
It’s funny I was just watching his and Jay Z video "Money aint a thing" not too long ago. I bet he wish he had half that money he blew in those days. I remember when I was in high school there was a picture of him with $25K at strip club accompanied by an article where he said that was a usual occurance. I wonder how many times he did that since he said it was a regular thing for him.