You Know What Dis Is

For the second time since 2011, legendary Atlanta music mogul, Jermaine Dupri dodged the foreclosure bullet on swanky multi-million dollar Atlanta mansion. As of this week Dupri is presently “so-so” in debt, he may lose it all this time! In addition his mounting debt, he’s being sued for $1.9 million dollars by Sun Trust Bank for defaulting on a multi-million dollar loan. According to court documents, the debt originated in 2009 as part of an earlier loan that Jermaine “Dupri” Mauldin secured to pay off income tax and other liabilities.  SunTrust’s lawsuit alleges that Dupri is in default and still owes money on a $4.9 million loan that was adjusted in 2010, secured by the So So Def catalog and other businesses he owned at the time. The bank allegedly tried to make a deal with Dupri pre-lawsuit which involved the acquisition of certain song rights to the So So Def catalog in exchange for removal of the debt. For unknown reasons, the deal fell through. Word from the curb is although the February So So Def 20^th Anniversary Concert wasn’t financially lucrative, Dupri still considered a So So Def Anniversary tour featuring Jagged Edge,(two original members of) Xscape, Da Brat (sound of crickets), Kris Kross and others. Unfortunately, the sudden death of Kris Kross’ Chris Kelly seems to have pumped the brakes on that plan. Dupri, whose net worth of $60 million in 2006, has drastically plummeted to less than $2 million. His comment to the Sun Trust lawsuit is simply “Sun Trust Bank is full of s*@#!” JD clearly needs to join Dionne Warwick in the ‘Financial Budgeting 101’ class or he’ll end up sleeping in Underground Atlanta!