Filed under: Estates
Gallery: Celebrity Foreclosures
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.
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