How to blow $70 mil in 2 years

imirza · Sep 4th, 2008, 12:22 AM

Scott Storch's Outrageous Fortune : Rolling Stone

"He's in a red T-shirt, jeans and multihued Nike Air Force Ones, and he's glistening like the morning dew because of an obscene amount of jewelry, including a thirty-four-carat yellow-diamond ring worth $3 million, a thirteen-carat white-diamond ring, a $250,000 diamond-encrusted watch and three iced-out chains around his neck. Call Storch hip-hop's Liberace. He's worth $70 million, the result of his work with Dr. Dre "

And Now

The top producer who hit the skids - CNN.com

"He owes over $500,000 in real estate taxes"

AND

Scott Storch Facing Foreclosure - Starpulse Entertainment News Blog

"facing foreclosure on his $10 million Florida mansion, according to reports. The Lean Back beatmaker is being chased by SunTrust Bank executives for outstanding payments on the home"

For what its worth I actually saw his mansion and 125 ft yacht docked at the back on a trip to Miami 2 years ago. I recall an episode on MTV about his whips and he had an absolutely ricockulous collection - Bugatti Veyron, Drophead Phantom, Maybach etc. Must have been over $5 mil in cars.

ramy98 · Sep 4th, 2008, 01:16 AM

I am so surprised...

Roman · Sep 4th, 2008, 01:26 AM

Ahh I love Scott Storch, if I were to spend My money any way, it would be similarly to his plan, except for I would invest most of it, I doubt the poor guy even knew what that it, I hope he can get back on his feet.

Z5 FILMS · Sep 4th, 2008, 09:45 PM

I don't think he ever had $70 million. That's what Rolling Stone said. They also said his boat was $20 million. That boat is only like $3 million.

I would guess he had nowhere near $70 million.

Those cars were all loaned to him my a Miami car dealer.

PEERless · Sep 4th, 2008, 10:20 PM

Originally Posted by Z5 FILMS

...They also said his boat was $20 million. That boat is only like $3 million...

Where'd you get $3M. I would have said $6. Prolly the other $14M is in maintenance and crew. LOL!

Z5 FILMS · Sep 7th, 2008, 07:19 PM

Originally Posted by PEERless

Where'd you get $3M. I would have said $6. Prolly the other $14M is in maintenance and crew. LOL!

The boat was for sale on Ebay a while back. Rumors it sold for $600K, but I remember it having not met reserve at around $1 million. I'm guessing they wanted $2 - $3 million

If you Google, you can find the stories.

Also at the time that Rolling Stone article was written, Scott Storch started to show signs of financial problems shortly afterwards. More evidence that the number were made up.

There's no doubt he blew through a large fortune quickly. But I don't think it was $70 million.

Russ H · Sep 7th, 2008, 08:42 PM

"According to court papers from her recent custody battle, Britney Spears doesn't save one penny of her $737,000 monthly income"

That's $8.8 mil a year.

16 more celebrity financial fubars

-Russ H.

hatterasguy · Sep 7th, 2008, 08:59 PM

I knew that name sounded familer, I remember seeing the boat on ebay. Its a 1995 Norship/Davenport 117. Its worth about $3.5. Not a big fan of the euro style, but its a nice boat.

He spent his money like a lotto winner, but that whole rap culture is like that.

JesseO · Sep 8th, 2008, 12:42 AM

Not the smart ones.... Puff Daddy, Jay Z, etc...I do agree that they waste an awful lot of money to get some status or image though...

hatterasguy · Sep 8th, 2008, 07:02 PM

They waste their money on stupid crap, way to gaudy.

Just the fact that he told someone how much his watch costs shows how tastless he is, no class.

Sep 4th, 2008, 12:22 AM	#1 (permalink)
imirza Level: (9) Cadillac Joined: Jul 2007 Posts: 165 Thanks: 0 Thanked 3 Times in 3 Posts	How to blow $70 mil in 2 years Scott Storch's Outrageous Fortune : Rolling Stone "He's in a red T-shirt, jeans and multihued Nike Air Force Ones, and he's glistening like the morning dew because of an obscene amount of jewelry, including a thirty-four-carat yellow-diamond ring worth $3 million, a thirteen-carat white-diamond ring, a $250,000 diamond-encrusted watch and three iced-out chains around his neck. Call Storch hip-hop's Liberace. He's worth $70 million, the result of his work with Dr. Dre " And Now The top producer who hit the skids - CNN.com "He owes over $500,000 in real estate taxes" AND Scott Storch Facing Foreclosure - Starpulse Entertainment News Blog "facing foreclosure on his $10 million Florida mansion, according to reports. The Lean Back beatmaker is being chased by SunTrust Bank executives for outstanding payments on the home" For what its worth I actually saw his mansion and 125 ft yacht docked at the back on a trip to Miami 2 years ago. I recall an episode on MTV about his whips and he had an absolutely ricockulous collection - Bugatti Veyron, Drophead Phantom, Maybach etc. Must have been over $5 mil in cars. __________________ "Obstacles are things a person sees when he takes his eyes off his goal"

Sep 4th, 2008, 01:16 AM	#2 (permalink)
ramy98 Level: (11) Honda Joined: Sep 2007 Locale: Vancouver, BC Posts: 74 Thanks: 9 Thanked 12 Times in 8 Posts	Re: How to blow $70 mil in 2 years I am so surprised...

Sep 4th, 2008, 01:26 AM	#3 (permalink)
Roman Level: (13) Pontiac Joined: Aug 2008 Locale: Seattle,WA Age: 16 Posts: 23 Thanks: 6 Thanked 7 Times in 4 Posts	Re: How to blow $70 mil in 2 years Ahh I love Scott Storch, if I were to spend My money any way, it would be similarly to his plan, except for I would invest most of it, I doubt the poor guy even knew what that it, I hope he can get back on his feet.

Sep 4th, 2008, 09:45 PM	#4 (permalink)
Z5 FILMS Level: (7) Lexus Joined: Aug 2007 Locale: Austin, Texas Posts: 392 Thanks: 0 Thanked 8 Times in 7 Posts	Re: How to blow $70 mil in 2 years I don't think he ever had $70 million. That's what Rolling Stone said. They also said his boat was $20 million. That boat is only like $3 million. I would guess he had nowhere near $70 million. Those cars were all loaned to him my a Miami car dealer.

Sep 7th, 2008, 08:42 PM	#7 (permalink)
Russ H Level: Moderator Joined: Jul 2007 Locale: Napa Valley, CA Age: 47 Posts: 2,336 Thanks: 142 Thanked 188 Times in 117 Posts	Re: How to blow $70 mil in 2 years "According to court papers from her recent custody battle, Britney Spears doesn't save one penny of her $737,000 monthly income" That's $8.8 mil a year. 16 more celebrity financial fubars -Russ H. __________________ "Control everything. Own nothing." -John D. Rockefeller "Don't confuse motion with action" -Ernest Hemingway

Sep 7th, 2008, 08:59 PM	#8 (permalink)
hatterasguy Level: (6) Mercedes Joined: Jul 2008 Age: 23 Posts: 407 Thanks: 9 Thanked 21 Times in 19 Posts	Re: How to blow $70 mil in 2 years I knew that name sounded familer, I remember seeing the boat on ebay. Its a 1995 Norship/Davenport 117. Its worth about $3.5. Not a big fan of the euro style, but its a nice boat. He spent his money like a lotto winner, but that whole rap culture is like that. __________________ " to buy while blood is running in the streets." Mayer Amschel Rothschild

Sep 8th, 2008, 12:42 AM	#9 (permalink)
JesseO Level: (5) Porsche Joined: Jul 2007 Locale: Phoenix, AZ Age: 24 Posts: 567 Thanks: 44 Thanked 10 Times in 9 Posts	Re: How to blow $70 mil in 2 years Not the smart ones.... Puff Daddy, Jay Z, etc...I do agree that they waste an awful lot of money to get some status or image though...

Sep 8th, 2008, 07:02 PM	#10 (permalink)
hatterasguy Level: (6) Mercedes Joined: Jul 2008 Age: 23 Posts: 407 Thanks: 9 Thanked 21 Times in 19 Posts	Re: How to blow $70 mil in 2 years They waste their money on stupid crap, way to gaudy. Just the fact that he told someone how much his watch costs shows how tastless he is, no class. __________________ " to buy while blood is running in the streets." Mayer Amschel Rothschild

	Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
47 years ago, July 7, 1961 . . .	Russ H	Off-Topic Discussion	28	Jul 9th, 2008 06:44 PM
Hawaii suffers a tourism blow	Fastlane-News	Economy & Finance News	0	Jun 25th, 2008 09:40 PM
Not reported taxes in years	MrPink	Asset Protection / Taxes / Legal	19	Apr 17th, 2008 03:08 PM
100% Return, $1mm > $3mm: 2 years	PhxMJ	Real Estate (Residential)	26	Feb 11th, 2008 01:19 PM
Delay in Tax Refunds These Years	Diane Kennedy	Asset Protection / Taxes / Legal	2	Oct 23rd, 2007 11:08 PM