Kimberly Jones — also known as Lil’ Kim — is in danger of having her Alpine, NJ, mansion go into foreclosure yet again.
In May 2002 — 14 years ago — Jones purchased the mansion for $2.2 million. Realtor.com reports that her mortgage was approximately $1.6 million and that the rapper began missing payments back in 2009.
Jones was faced with a monthly payment of just under $10,000 and had no trouble making the payments when her career was on the rise, but a quiet few years has led her into some financial trouble.
HSBC Bank has sued Jones twice: once in 2010 and again in December of 2015. Since Jones and HSBC have yet to make a deal, her mansion will likely go into foreclosure.
In 2013, one out of every 96 homes reported one foreclosure filing, but when a celebrity is involved, many more people are aware of the issue. Many people in the entertainment industry believe that rappers who find early success often struggle once the success fades because they are unaware of how to handle some important finances.
“A lot of rappers just start to get money when they start rapping, so they don’t really know what to do with no money,” Mitchy Slick, California rapper, said.
Slick’s advice, although not for everyone, could help entertainers like Jones stay out of serious financial trouble down the line. HipHopDX reports that the mansion will be auctioned off at a sheriff’s sale once the bank claims full possession of the home, as well as the court expenses that they have paid. Jones is also believed to owe the IRS at least six figures in back taxes.
“What you gotta do is get you one man,” Slick says. “Somebody that’s reputable… It’s gonna cost you a little more, but you just pay the guy to stay on top of your taxes.”