13-bedroom homes, multiple fancy cars and chains galore; but is all that really worth going broke?
Majority of rappers are guilty of all three but can they really afford what they show off to the world, most likely not. As of 2015, 10 rappers that you may have thought had it all…really didn’t!
Xzibit was really living the life when he had his Pimp My Ride TV show deal with MTV, making $500,000 a year but when that ended in 2008 he apparently didn’t get the memo. A year after the show was cancelled, Xzibit’s home in Southern California was foreclosed. Due to his diminishing bank account, making less than $70,000 a year, he has been forced to file for bankruptcy.
2. YOUNG BUCK
Young Buck’s first two albums went gold but he is now broke! He was released from his record label after a disagreement with fellow rapper 50 Cent. Buck filed for bankruptcy and was evicted from his home which he owed $300,000 to the IRS for. His belongings were sold at an estate auction after he was sentence to a year and a half in prison for a possession gun charge. Lately he hasn’t been able to pay his phone bill. I think T-mobile has flex play, pay when you can but your phone is off when you can’t!
3. BOW WOW
It’s common sense to not buy a car that you can’t afford right? Well, apparently not to Bow Wow. In 2008 he leased a Ferrari which he couldn’t afford the payments on. As a result, he had to go to court and was ordered by a judge to pay around $200,000 to his creditors. In 2013, he went to court for unpaid child support and the year before his Bentley was repossessed because he couldn’t afford the payments on that either. He also owes six figures in back taxes, sigh…how did you afford Erica Mena’s engagement ring?
4. MC HAMMER
He had it all and lost it all! MC Hammer blew much of his fortune he earned during is rap career on marble floors for his $30 million dollar home. In 2011 he owed $700,000 in back taxes. Allegedly he had been paying hired help $500,000 a year to maintain his home, cook his meals and other household chores. So celebrities get lazy when they get money?
5. LIL’ KIM
Spending your fortune on plastic surgery, how many of you would? Lil Kim did! Since spending time in jail, she has not been able to make a comeback as far as her rap career goes. In 2008, Lil Kim’s former label sued her for $2.5 million and prevented her from releasing any albums. In 2012, she owed $1 million in back taxes. How much do you think she’s paid back? Oh yea, don’t forget she just had a baby!
6. FAT JOE
He served a 4 month prison sentence for failing to pay $700,000 in back taxes. Does he blame himself and all the money he spent on houses, cars and bling? Of course not! He blamed it on the people in charge of “managing” his money.
Houston-based rapper, Scarface owes over $120,000 in child support for 4 kids. He swears he paid it but there’s no evidence that it’s been paid. His reward? 10 months in prison due to his failure of proof. If you’re going to make kids, you have to pay for them!
8. WYCLEF JEAN
Recently reported broke, Wyclef Jean owes the IRS $2.9 million. How, you ask? Lawyer fees. A kind-hearted judge ordered him to pay only $50,000, which Jean failed to do. Now, he owes $100,000 plus a 10% annual interest rate. Imagine if that was the interest rate on your student loans!
9. BEANIE SIGEL
Is $700,000 the magic number? From 1999-2005 Beanie Sigel failed to pay taxes, $720,000 that he now owes to the IRS. He claims to not have been living lavish, so who does he blame it on? His friends! Uhh Beanie, it’s not a crime to say “No”.
10. TRICK DADDY
What does not paying taxes since 2002 get you? A foreclosed Miami home! Trick Daddy owes over $170,000 in back taxes. Where does he live now?? Looks like the trick is on him.
Are you glad that you didn’t see Drake, Lil’ Wayne, Big Sean or DJ Khaled on this list? Rappers aren’t who they appear to be…but these days, who is!