ScottStorch

Rockstar Energy Drink CEO Buys Scott Storch's Foreclosed Home

Filed under: Estates

Over the past couple years we touched on the rise and fall of music producer Scott Storch. His Miami home was eventually foreclosed on as part of his financial meltdown. Now Russ Weiner, the CEO of Rockstar Energy drink has announced that he is the new owner of Villa Ferrari, Storch's former 20,000 square foot home on Palm Island. The mansion has a 100 foot boat dock, 11 bedrooms, 15 bathrooms, 3 guest houses and two pools. Last summer we learned that after Storch declared bankruptcy, SunTrust bank, which held two mortgages worth a combined $7.75 million against the property, bought the property back at auction on for $5.5 million. Storch had bought the home for $10.5 million but it had been listed for $13.9 million. Alex Shay found that SunTrust sold the property to Weiner Russell Trust for $6.75 million. According to Shay the house was, like many homes that have gone through a prolonged foreclosure, not in great shape and that renovation is needed. Still, the price is a bit of a steal for the size and location.

Tags: celebrity real estate, CelebrityRealEstate, miami beach, MiamiBeach, palm island, PalmIsland, rockstar energy, rockstar energy drink, RockstarEnergy, RockstarEnergyDrink, russ weiner, RussWeiner, scott storch, ScottStorch, villa ferrari, VillaFerrari

Scott Storch Finally Loses His Miami Home

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

Once upon a time music producer Scott Storch was once said to be worth $70 million, money he earned by producing records for Christina Aguilera, Brooke Hogan and Beyonce among others. But Storch's penchant for high living has gotten him in trouble. For the last year or so he's been struggling to hold on to his home on Miami's Palm Island. TMZ reports that the battle is at an end. Storch defaulted on the property last July but then declared bankruptcy. Now the bankruptcy order has been dismissed and SunTrust bank, which held two mortgages worth a combined $7.75 million against the property, bought the property back at auction on Friday for $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.

Gallery: Celebrity Foreclosures

Jeana Keough from the Real Housewives of Orange County

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Tags: miami, scott storch, ScottStorch

Scott Storch Accused of Stealing a Bentley

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Cars & Autos, Wealth, Crimes and Misdemeanors

Formerly high-flying music producer Scott Storch (above with his Bugatti Veyron) has been charged with grand theft auto after failing to return his leased Bentley GT. Storch, who produced hits for the likes of 50 Cent and Beyoncé and partied with close pal Paris Hilton, has fallen on hard times recently and has seen his $10 million Miami mansion foreclosed on.

According to a copy of the a the police report obtained by MTV News, Storch began leasing a 2004 Bentley GT in February 2006 which was due to be returned last month. However, instead of handing over the pricey wheels Storch gave the Bentley to L'il Kim, TMZ reports. A repo company finally tracked the car down at Kim's place in New Jersey. Storch was released on bail after posting an undisclosed amount; according to some reports he is currently in rehab.

Tags: 50 Cent, 50Cent, Bentley, Bugatti, celebrity, Lil Kim, LilKim, Miami, music, Paris Hilton, ParisHilton, rap, Scott Storch, ScottStorch

Buy Scott Storch's Yacht on eBay

by Rigel Celeste (RSS feed) —

Filed under: Yachts & Sailing, Auctions, Celebrity Shopping

Whenever a celebrity tries to sell something expensive on eBay there's always speculation as to motives, but here's a case where it's pretty obvious what the deal is: music producer Scott Storch is short on cash. He's selling his yacht, called "Tiffany," on eBay for well under its $20 million value (per Rolling Stone magazine) because apparently he can't afford to keep it anymore. As of right now it's going for just under $1,000,000. What a deal.

I'm no eBaying expert but I'm not sure it's such a great sales technique to display in big bold letters "THE BOAT IS BEING SOLD UNDER DISTRESS ,OWNER BOUGHT HER AND NOW GOT SHORT ON MONEY." Seems more than a little on the tacky side, and hardly inspires the celebrity "cool" factor that might help it sell for more.

UPDATE: Bidding has ended at $1,000,101, that's a fair amount of cash but not enough to meet the reserve, looks like Storch is going to have to try again.

Gallery: Scott Storch's Yacht: Tiffany