Lil’ Kim Files for Bankruptcy; New Jersey Mansion Being Auctioned Off
Well, Lil’ Kim has gone the route of our current president, who himself has filed for bankruptcy between four and six times.
Days before a bank foreclosed on her 6,000-square-foot gated mansion in early May, the platinum-selling rapper filed for Chapter 13 protection in a New Jersey court.
Not only does the diminutive diva owe more than $1.47 million in back taxes, but the New York Daily News reports that Kim (born Kimberly Jones) owes more than $4 million in secured and unsecured debts and $664,474 in late mortgage payments for the $2.3 million house in Alpine, N.J., which she bought in 2002.
In court docs, Kim says that her income has dropped substantially in the last few years—from $823,659 in 2016 to $398,000 last year. She now lists $18,286 as her monthly income ($12,784 of which goes toward expenses).
Kim’s $2,573,300 in assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Her monthly expenses include $2,200 on wardrobe, $10,410 on travel and entertainment, $2,317 on staff, and a monthly mortgage payment of $6,610.
The home, which the rapper shares with her 3-year-old daughter, is going up for auction on June 29.