Lil’ Kim is one of hip-hop’s all-time biggest selling female artists but over the past few years, she’s been facing severe financial difficulties.
Over the last decade, Kim (real name Kimberly Jones) has racked up millions of dollars in debt, including back taxes.
Kim was on the verge of losing her 6,000 square-foot gated mansion, but just days before foreclosing procedures commenced, the legendary rapstress filed for bankruptcy protection.
The New York Daily News reports that Lil Kim owes over $1.47 million in back taxes, over $4 million in secured and unsecured debts, and $664,474 in late mortgage payments for the $2.3 million foreclosed house which she bought in 2002.
Court documents reveal that Kim’s income has dropped substantially in the last two years… from $823,659 in 2016 to just $398,000 last year. The artist now lists her montly income at $18,286, of which $12,784 goes towards expenses.
Kim’s assets, which are listed at $2,573,300, include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Her expenses include $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, $2,317 on staff, and a monthly mortgage payment of $6,610.
The mansion that the rapper shares with her three-year-old daughter is scheduled to go up for auction on June 29th but Kim hit the net recently to show that she’s totally unbothered.
In the video above Kim tells her haters:
“A-yo, check this out: While ya’ll talking all that jack I’m throwing my baby a birthday party….I got something for all of ya’ll! When you got a child you can’t be touched, boo!”
Meanwhile, Lil Kim is reportedly working on a follow-up to her 2005 studio album the Naked Truth.
The album would also mark the her first full length release since 2016’s Lil’ Kim Season. She’s been promoting her latest single “Spicy” featuring Fabolous which will be featured on the new album.