(MIAMI BEACH, FL) -- Hip-hop producer, rapper and singer Scott Storch, once one of the highest paid practitioners in the U.S. music industry, has lost his $7 million, 10-room mansion on Palm Island in Miami Beach after his mortgage lender foreclosed on the property Aug. 21, according to Miami-Dade County real estate records.
Scott Storch
Storch bought the residence in May 2006 for $10.5 million with a mortgage of $6.5 million. His annual property tax assessment totals $194,893.
Industry sources familiar with Storch's lifestyle say the Canadian-born entertainer spent over $30 million on recreational drugs, luxury cars and private jets and a 117-foot pleasure boat over the last three years.
Faced with dwindling finances, since he hadn't placed a song in the Top 10 since 2005, Storch filed for bankruptcy protection. However, the bankruptcy court turned down his petition and the lender immediately foreclosed on the property.
Music industry insiders say Storch has been attempting a comeback, working with Chris Brown and The Game, following an extended stay in rehab.
Industry sources say he is working on a TV reality show about his road to recovery from drug use. He has been reported to be renting a room at the W Hotel in Fort Lauderdale, FL.
In 2006, Rolling Stone estimated that Storch had earned over $70 million in his career which began in 1993.
According to a 2007 Forbes article, "Hip Hop Cash Kings," Storch was one of the highest-paid people in the music industry in 2007, having earned $17 million. His fee per track was around $85,000, exclusive of publishing royalties, according to music industry publications.
The 36-year-old, Canadian-born celebrity's personal life began to unravel in June 2008, according to Miami-Dade County civil court records.
A Miami-Dade Court judge ordered an arrest warrant for Storch when he missed a hearing regarding back child support for his son with ex-girl friend Dalene Jennifer Daniel.
In addition to being behind more than $46,000 in child support, Storch also owes approximately $720,000 in delinquent property taxes from 2006 through 2008.
He was arrested in April 2009 for a grand theft case stemming out of Broward County FL. That charge was dismissed on June 26, 2009 due to a technicality on notice, according to his lawyer.
In his personal life, Storch has been romantically linked with rapper and singer Lil Kim, actress Morgan T, Paris Hilton and video model Erica Mena. He is seldom photographed without his signature aviator-style sunglasses.
Storch is well-known for wearing ostentatious diamond jewelry and driving expensive sports cars.
Lil Kim
Storch's first big commercial hit was when he met up with Dr. Dre and helped produce the riffs for the song "Still D.R.E."
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