It was back in foreclosure again last December but Fulton records show that the foreclosure hasn’t taken place. According to Fulton tax records, the dwelling is valued at around $4 million.
An auction slated for May of that year was canceled, however. In 2011, foreclosure proceedings were initiated on his mansion in northwest Atlanta. VIDEO: Jay-Z & Jermaine Dupri: ‘Money Ain’t a Thang’ĭupri has been dealing with financial problems for the last several years. While court documents don’t outline which songs were involved, that deal apparently didn’t transpire. The AJC story reports that SunTrust agreed to permit Dupri to sell a catalog of songs to help repay the debt. Southside is not named in the current suit. That loan was readjusted in 2010 with Dupri, So So Def and another Dupri-controlled company, Southside LLC, listed as guarantors. Per a separate court document, the loan is reported to have originated in 2009 as part of a previous loan that Dupri signed for to pay off income tax and other liabilities. In addition to the song copyrights owned by Dupri, So So Def and other businesses, the loan was also backed by a building on Briarwood Court in DeKalb County that includes two recording studios.
Though not specified in the suit, the So So Def catalog includes songs by such acts as Xscape, Bow Wow, Jagged Edge and Da Brat.Īccording to a report in the Atlanta Journal and on TMZ.com, the lawsuit was filed this week, alleging that Dupri still owes money toward a $4.9 million loan taken out in 2010. Should the Grammy Award-winning producer be found at fault, he stands to lose the copyrights and royalties to many So So Def-owned songs as these were put up for collateral against the 2010 loan.
Jermaine Dupri and his So So Def Productions are being sued for $1.9 million by SunTrust Banks for defaulting on a loan.
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