Lil’ Kim files for bankruptcy, NJ house is up for auction
The petite rapper owes millions in back taxes,secured and unsecured debts, plus late mortgage payments on her foreclosed home
One of Lil’ Kim, real name Kimberly Jones’ breakout performances was in 1995’s legendary track “Get Money” with the late Notorious B.I.G. and Junior Mafia. Now, more than 20 years later, it appears she needs to get lots of it as she has filed for Chapter 13 bankruptcy in New Jersey.
Lil’ Kim is one of hip-hop’s all-time biggest selling female artists. However, over the last decade, she has racked up millions of dollars in back taxes and various debt.
Just days before a bank foreclosed on her 6,000-square-foot gated mansion last month, the platinum-selling rapper filed for bankruptcy protection.
According to the New York Daily News, Kim owes more than $1.47 million in back taxes, more than more than $4 million in secured and unsecured debts, and $664,474 in late mortgage payments for the $2.3 million foreclosed house which she bought in 2002.
Court documents show that Kim says that her income has dropped substantially in the last two years — from $823,659 in 2016 to just $398,000 last year. She now lists $18,286 as her monthly income, of which $12,784 goes towards expenses.
Kim’s $2,573,300 in assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Her expenses include $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, $2,317 on staff, and a monthly mortgage payment of $6,610.
The home that the rapper shares with her three-year-old daughter is goes up for auction on June 29. While this is going on around her, Kim is reportedly working on a follow-up to her 2005 studio album the Naked Truth.
The album would also mark the her first full length release since 2016’s Lil’ Kim Season. She’s been promoting her latest single “Spicy” featuring Fabolous which will be featured on the new album.