As the market-wide housing slump drags into its second year, the mansion happy world of hip-hop, the guys who rewrote the book on ostentation, gets a slap in the face. Some moguls see their trophy properties slammed with leins, while others see their crown jewels languish on the market. Some, however, seem to be riding out the dip pretty high on the hog.
These are tough times for “Suge” Knight, founder of Death Row Records, who after filing for bankruptcy and losing control of his company was forced to put his seven bedroom Malibu home on the market. The 8,000 square feet of ocean views are listed at 6.2 million.
Creditors threaten to chase producer Scott Storch out of his $10 million Miami Beach manse. In the middle of a hitless spell, the one-time collaborator with Dr. Dre, 50 Cent, and Beyoncé faces a half million demand for unpaid property taxes, unpaid electric and security bills as well as outstanding child-support payments. After failing to appear in court, Storch is facing forclosure on the Palm Island gem.
Others endure the long wait for buyers, who are few and far between. 50 cent’s Farmington, Conn., mansion went on the market last year listed at $18.5 million. The 19 bedroom, 50,000-square-foot home sits on 17 acres. Russell Simmon’s 10 bedroom home on four acres in Saddle River, N.J., too remains listed at $20 million. Kanye West’s six bedroom Beverly Hills mansion is listed for $8.7 million.
Meanwhile, unfazed by market woes and the worries of mere mortals, newlyweds Jay-Z and Beyoncé are in the process of building their very own brand new mansion in Scarsdale, New York.
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August 20, 2008LuxuryIndex.com Jet of the Week: 2004 Gulfstream V Private Jet
