Bensalem Hip-Hop Producer Scott Storch Files for Bankruptcy
Bensalem-bred hip-hop producer Scott Storch made millions—70 of them to be exact—making hits for everyone from Christina Aguilera to Beyoncé, but according to new reports, he’s blown through it all to where he’s down to a measly $100 in cash.
TMZ reports that the music mogul filed bankruptcy and details his financial status in embarrassing detail, saying that Storch claims to have $3,600 worth of assets to his name, the aforementioned $100 in cash, $500 in clothing and a $3,000 watch. And perhaps most unfortunate of all, his music companies are worth nil.
Billboard offers a deeper explanation about how this could have happened, writing that he “breezed through it on parties, cars, cocaine and all the trappings and extravagances of fortune and fame.” He apparently spent $30 million on drugs in a span of six months.
“I would always be going from L.A. to Miami to New York, to Russia, St-Tropez,” he told Billboard in an interview last year. “Costs about $50,000 for a domestic flight, $250,000 for overseas. Yeah, that’s an expensive habit.”
Storch also filed for bankruptcy in 2009, when he lost his home to foreclosure and was arrested for grand theft auto. He was arrested for cocaine possession in Las Vegas in 2012.