Scott Storch Loses Miami Palm Island Estate
September 02, 2009 - Florida
Grammy-winning producer Scott Storch has reportedly lost his $7 million Miami mansion, after SunTrust Bank foreclosed on the home last week.
The star, who has worked with the likes of Jay-Z, Beyonce Knowles, Mariah Carey and Dr. Dre, has been plagued by rumors of financial difficulty for months.
According to the Palm Beach Post, Storch has failed to make monthly payments on the home for nearly a year.
Storch declared bankruptcy last July after he defaulted on the Palm Island estate and now the luxury property has been purchased at auction for a mere $5.5 million.
Storch has said that he lost money during a period of time when he was addicted to cocaine and he went into rehab earlier this year.
He purchased the Palm Island estate for $10,500,000 in May 2006.
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