Post by Admin on Dec 12, 2014 16:44:02 GMT -4
Jermaine Dupri loses his Atlanta mansion to foreclosure
He tried for years to keep his northwest Atlanta mansion. But Jermaine Dupri’s has lost his former home to foreclosure, according to Fulton County legal notices.
The producer, songwriter and performer owes $2.5 million on the 9,441-square-foot home, but is unable to make the monthly payments, according to a mortgage foreclosure notice. The property is valued at nearly $3.7 million, Fulton tax records showed.
“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 legal notice states. “The debt remaining in default, this sale will be made for the purpose of paying the same and all expenses of this sale, including attorney’s fees (notice of intent to collect attorney’s fees having been given).”
The Atlanta native helped launch the careers of such artists as Kris Kross and Da Brat and previously dated Janet Jackson. Tuesday night, Dupri joined Usher on stage at Philips Arena. But in recent years, Dupri’s money woes have made headlines.
In May 2013, SunTrust Bank filed suit against Dupri and his So So Def Productions for about $1.9 million, The Atlanta Journal-Constitution previously reported. Later that year, Dupri filed a response, claiming the bank changed the terms of the loan, leaving him with “unachievable payment terms” and fighting state and federal tax liens.
Foreclosure proceedings were initiated in 2011 on the home, but a planned auction in May of that year was canceled at the last minute. Dupri’s Mount Paran home was advertised for foreclosure again in December 2012, according to records in the Fulton County Daily Report. But it never sold.
Earlier this year, a former road manager for Dupri filed suit against him seeking four years of overtime pay, the AJC reported.
Dupri lived in the six-bedroom home for about 10 years. The 19-room home has nine bathrooms, according to property records.
It was not known late Wednesday whether Dupri’s home had been auctioned.
WOW at one time he was the man to get in the music world he even had Miss Pop Queen JANET WOW
he went from 60 million to now only worth 2 million.C
