Jermaine Dupri may sing “Money Ain’t a Thang,” but after failing to pay an enormous loan, money is actually a big thing for the Atlanta-based rapper and producer these days.
The 40-year-old is in jeopardy of losing rights to the music from his So So Def record label, which includes copyrights and royalties from artist like Bow Wow, Jaggaed Edge, Xscape and Anthony Hamilton, for defaulting on a loan.
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According to TMZ, Dupri put his music up for collateral to get a $4.8 million loan from SunTrust bank in 2010. Fast forward three years later, he still owes a $2 million and the bank is suing for the balance, plus interest.
Sources say Dupri has dodged a few financial problems within the last year. In January, he saved his Georgia mansion from going into foreclosure for the second time, and in February, he paid off a $3 million tax lien.
Let’s hope he’ll be able to save himself from this lawsuit, too.
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