More Details On How Scott Storch Went From $70 Million To Double Bankruptcy

By on June 25, 2015 in ArticlesCelebrity News

Just when you thought it couldn't get any worse for former hit maker Scott Storch, it gets much worse. Storch was at the top of his game between 1999 and 2006. He produced hit records for pretty much every music legend around including Beyonce, Justin Timberlake, Christina Aguilera, Dr. Dre and Lil Wayne… just to name a few. He was one of the most highly sought after and highest earning producers in music. The life and the things he soon acquired would have made a billionaire Saudi Prince blush. And then he lost it all. TWICE.

And this time around, he has really hit rock bottom. Paparazzi may soon spot him in the food stamp office applying for benefits. Don't believe us? According to  his bankruptcy filing, Scott earned a total of a $10,000 in 2014. Is that low enough for him to qualify for unemployment??

The super-producer, whose net worth reached $70 million at his peak, has plummeted to owning just $3,600 worth of assets, which is made up of $100 in cash, $500 worth of clothing and a $3,000 watch. Shockingly, his music companies, Storch Music Company and Tuff Jew Productions, are worth 'nada' – nothing ($0)!

How could someone so filthy rich accumulate roughly $4.4 million worth of debt? Well, to start things off, the 41-year-old hip-hop producer had a dangerous spending habit and an expensive drug addiction that attributed to his downward spiral. He allegedly blew through $30 million in a 6 month period.

Nevertheless, he did admit to making very poor decisions as a result of being under the influence of cocaine on a regular basis and sought help through an intensive drug rehabilitation center. Let's take another look into Storch's past events that led to his downfall…

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Carlo Allegri/Getty Images

Spending Habits and Living the Lavish Lifestyle

Due to his huge fame and success in the music industry, the platinum producer began a cocaine-fueled 'party like a rockstar' lifestyle. He dated some of the hottest women in entertainment – Paris Hilton and Lil Kim, and owned a car collection made up of 20 high end luxury vehicles that cost about $250,000 – $700,000 a piece. Storch's collection included a Bentley, Maybach, Ferrari, Lamborghini, Bugatti Veyron and a limited edition McLaren SLR just to name a few. Storch admitted that snorting coke led him to dropping major dough at car dealerships on a whim, claiming he bought at least 10 cars while high on cocaine.

Storch also bought a $10.5 million mansion on Miami's ultra exclusive Palm Island in 2006, right at the peak of the real estate bubble. The waterfront mansion featured nine bedrooms, an indoor pool, spa, movie theater, fitness center and a game room. That's not it – Storch even owned a $20 million yacht given the name "Tiffany," for which he eventually fell behind in payments and had both the Yacht and the mansion repossessed.

In addition to boasting of expensive, cars, and yachts, Storch also had a fondness for expensive jewelry, and he possessed $100 thousand watches, necklaces and more. While utilizing world-class transportation via his private jet (yes, he owned a private jet), he would spend $250,000 to fly his entourage to the French Riviera for vacations. His spending on partying alone was estimated at $250,000 a month.

More Partying, Drugs and Vegas

In 2007, Storch reportedly made superstar Janet Jackson wait 10 hours at the studio while he was out partying. Consequently, his reputation was tarnished and fewer artists wanted to work with him.

And the list of unfortunate incidents continued for the Grammy nominated, veteran producer…

The millionaire beat-maker was obviously in love with the "coco" too much – he was arrested on cocaine charges in Vegas in 2012. Per the Miami New Times, "Constantly snorting bumps of coke, he now paired his jewelry with shirts stained from blood that would just gush out of his nose at any given time." His drug of choice reportedly cost him $30 million, according to Details magazine. Even though his cash flow took a major halt, his spending did not apparently. By 2009, he had blown through his entire $70 million fortune and filed for bankruptcy for the first time, He also checked into rehab.

Let's just hope he has learned his lesson by now. Hopefully, drug rehab combined with continuous counseling sessions and more practice on beat machines and his piano, can salvage his career. Better yet, he might want to find some upcoming producers to take under his wing to get out of debt!

Articles Written by Issac Morgan
As a graduate of Florida A&M University's award-winning journalism school, Mr. Morgan discovered a way to combine his writing and integrated marketing skills and apply them to the field of entertainment. Upon graduating with a bachelor's of science in public relations, he was able to land a paid internship with Atlanta's Warner Music Group in sales and marketing and also worked in the radio industry. Issac resides in Tallahassee, FL. Follow him at Twitter.com/iketrackz
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