Jermaine Dupri and his Atlanta based record label So So Def have been sued for $1.9 million by SunTrust Banks after allegedly defaulting on a loan shortly after Dupri narrowly avoided losing his home to foreclosure.
Dupri has been dealing with a slew of financial woes lately, but his latest money problems are coming from a serious lawsuit from SunTrust.
According to the lawsuit, Dupri defaulted on a loan for $4.9 million that he took out in 2009 in order to pay off income taxes and other various liabilities.
Just one year later the loan was adjusted and listed Dupri’s companies So So Def and Southside LLC as guarantors.
While So So Def and Jermaine were both specifically mentioned in the lawsuit, Southside LLC is currently not being sued by SunTrust.
Unfortunately, it seems like Dupri just can’t get a break when it comes to dealing with pesky lawsuits and paying the bills.
The lawsuit from SunTrust comes shortly after the famous Atlanta music producer almost lost his home to foreclosure.
After gathering a substantial amount of debt recently, the 40-year-old hip hop star faced even more woes when his mansion in northwest Atlanta went into foreclosure.
Rather than giving up the large home and deciding to downgrade, Dupri apparently found a way to hold on to the large property on Mount Paran Road.
While his home was scheduled to be auctioned off on the courthouse steps last week at the very last minute the sale was canceled.
It is unclear what happened at the last minute that led to his home being pulled from the auction but quite frankly it doesn’t seem like there will be any other good news in Dupri’s fiscal future.
One of Channel 2’s reporters discovered that Jermaine isn’t just behind in paying for the home, but he is also behind in paying for the management of the home as well.
Shane Cox of Design Logistics filed a lien against the producer’s property after he claims he still owes him $12,000 for renovations and design.
“We would bring everything in, assemble, setup, hang all the art,” Cox said when asked what services Durpi owed him for.
While he has no regrets going after his money he did admit, however, that Jermaine is a pretty nice guy and he hopes that the both of them will be able to move forward without any harsh feelings.
As if almost losing his home and being slapped with a lawsuit from SunTrust wasn’t enough, Jermaine is also having some baby mama drama that will add to his staggering debts.
An Atlanta woman is slapping Dupri with a lawsuit of her very own for child support payments.
Jermaine was ordered to fork over $2,500 a month and an additional $7,500 after paternity tests did prove he was the father of the Sarai Jones’ child.
According to Jones’ attorney, she just wants both of them to put harsh feelings behind in order to raise their 7-month-old baby girl.
Meanwhile, all the news of financial turmoil has the rumor mill going crazy with reports that Dupri is on track to lose So So Def records and the rights to tons of music he has produced.
Well Jermaine decided to speak up about the allegations despite not making any comments on the foreclosure or the SunTrust lawsuit.
“SO I WAKE UP THIS AFTERNOON WITH TWEETS FROM PEOPLE ASKING ME IF IM OK, JD WHATS GOIN ON ETC… I HAVE NO IDEA WHY IM BEING ASKED THESE QUESTIONS, BUT BEING THE HEAVY SOCIAL MEDIA PERSON THAT I AM, I KNEW SOMETHING CRAZY HAD TO BE ON THE INTERNET,” Jermaine reported via Global14. “SURE ENOUGH I LOOK AND @VLADTV IS POSTING THIS LIKE CRAZY, IF YOU’RE A FOLLOWER OF WHAT I DO HERE AT GLOBAL14 YOU KNOW THAT GOSSIP RUMORS AND ALL THAT BULLSH*T WE DON’T DO, BUT!!! ONE OF THE REASONS I DID CREATE GLOBAL14 IS TO MAKE SURE, THAT WHEN SOMETHING HAPPENS WITH ME, THAT IS WORTH KNOWING, THIS IS WHERE YOU GET THE REAL.”
He went on to say that SunTrust is “FULL OF SH*T” and that the story about him losing So So Def and his musical properties is “A COMPLETE LIE.”
Unfortunately, all the stories about him owing millions of dollars are completely true and it doesn’t seem like he will have a way to get out of that drama.
