Teddy Riley, who cemented his spot in R&B as the father of late 80s, early 90s New Jack Swing- has put his state-of-the-art Virginia Beach studio up to be sold in an attempt to pay back creditors, The Virginian-Pilot reports.
Riley purchased Future Records Recording Studio for $3 million in 1991. Creditors have agreed to seek a buyer for the studio in a Feb. 1 court hearing, but acknowledged that the studio had outdated equipment, which could affect it being sold as a working business.
Riley has been in heavy debt since 2002, the year he filed for Chapter 11 bankruptcy. Since then he has sold his home for $1.5 million to pay off debt, to no avail. Riley currently faces a $196,747 lien against him, and a $93,684 income tax lien, both filed in 2007.
February 07, 2008 @ 3:21 pm
Teddy Riley Puts Up Studio to Pay Bills
Super-producer owes creditors $1 million
Article tags: Teddy Riley, New Jack Swing
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Comments
1.
bigmikemille says:
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its just so sad that another brother who was very successful and made so much money in his craft is now in heavy debt.when will these artist learn from past artists such a mc hammer to learn financial security,discipline,and fiscal responsibility. it is embarrassing and reckless.i hope that teddy recovers and learn this very expensive lesson in financial accountabilty.
February 28, 2008 at 9:52 am