Despite paying off a $3 million tax lien in February and preventing the foreclosure of his Atlanta mansion twice in the past year, Jermaine Dupri is in bad financial straits again.
If the label owner doesn’t pay off a loan, he could lose the rights to music from his So So Def label.
Dupri borrowed $4.8 mil from SunTrust Bank back in 2010. He has paid $2 million of it back, but has stopped making payments. So, the bank is suing Dupri for the remainder plus interest. He paid more than half of it back, but then the bank stopped getting payments. So, SunTrust is now suing Dupri for nearly $2 mil — the balance due, plus interest.
In order to get the loan, Dupri had put up collateral, in the form of copyrights and royalties to the many songs his label owns from artists like Xscape, Bow Wow and Da Brat.