For a few years now rapper/producer Jermaine Dupri has been trying to hang on to to his Atlanta mansion. The worst has finally happened: he has lost the battle to keep his home from foreclosure,
“A notice of sale for Jermaine Dupri’s home was filed by the new owner of the deed and stated, ‘The debt secured by said Deed to Secure Debt has been and is hereby declared due because of, among other possible events of default, non-payment of the monthly installments on said loan. The debt remaining in default, this sale will be made for the purpose of paying the same and all expenses of this sale’,” reports All Hip Hop.
Dupri lived at that residence for more than 10 years but his financial woes have plagued him. Once on top with his So So Def with such hit artists as ’90s hip-hop duo Kriss Kross, Jagged Edge, Da Brat and Bow Wow. “At his peak, JD earned more than $10 million per year and had a personal net worth of $60 million,” reports Celebrity Net Worth.
But by May 2011, Dupri was reportedly almost bankrupt and on the verge of losing his home and master recordings. He owed a whopping $500,000 in back taxes to the state of Georgia and $3 million to the IRS. In 2013, Dupri got a $5 million loan from Sun Trust bank, which it seems he has failed to keep paying.
Now Dupri’s net worth is reportedly just about $2 million.
With so many financial issues, it might actually be a good thing to downsize his lifestyle.