Thursday, April 2, 2015

Lil Wayne Puts Miami Mansion On The Market As He Is No Longer Able To Afford It Due To Music Company Young Money Going Bankrupt (Tax Records)

Lil Wayne

Former felon Lil Wayne's music is not making enough money to pay his bills. As the Judiciary Report stated in a past article, the drug addicted rap star is being sued left, right and center for non-payment of bills (Young Money Becoming Broke Money As Creditors Sue Lil Wayne And Company). One of his creditors, who sued him for $1,000,000 over a customized private jet, stated Lil Wayne lives by the LaGorce Country Club on Miami Beach's LaGorce island, but won't pay his bills.

Wayne has put his mansion in Miami on the market for $18,000,000, a price that is a bit steep for that property, especially in the current market. Wayne purchased the La Gorce Circle, 8 bedroom, 15,000 square foot house in 2011 for $11,800,000 and is seeking to make a big profit. The home's assessed value is approximately $10,000,000.

The property taxes on the mansion is not cheap. According to Miami tax assessors' records Wayne is delinquent and owes the city $196,824.09 in property taxes for 2014 (dude, I think they want their money). Maintaining a home at that price tag requires significant funds on a monthly and yearly basis.

Last month the home was the subject of a hoax, as a call was placed to 911 claiming people were shot and killed at the property. This prompted a dozen SWAT police officer to storm the property, only to find out the whole thing was a hoax (known as swatting). Wayne was not home at the time of the incident.

Wayne's record record label Young Money is also in financial straits. Young Money and Wayne have been sued for copyright infringement in stealing music from legendary singers as well as indie recording acts, songwriters and producers. They have also been sued for non-payment of bills. Young Money artists' albums are being shelved as well, due to lack of finances to properly release and market the projects, as well as paying for music videos (and industry illegalities, such as payola, chart rigging and buying one's own releases).

Furthermore, how can one effectively run a record label partying and getting high all the time. You can't do it in that manner. Some mainstream artists are starting subsidiary record labels and stealing from many to get material for their own artists in what is illegal conduct. It is a complete and utter sham and scam.