Posted by Bossip Staff
Teddy Riley’s studio is for sale and he’s in having financial woes:
At one time, Teddy Riley was the reigning king of R&B and hip-hop. Now he’s just another fallen star who owes $1 million. In a courtroom Friday, two lawyers agreed to seek a buyer for Riley’s recording studio in Thalia, VA. Music history was made there. In the 1990s, Riley produced hit songs in the studio for the likes of Michael Jackson, Janet Jackson, Heavy D, as well as his own group, BLACKstreet. It was a brand-new, state-of-the-art $3 million studio when it opened in 1991.
Riley has been dogged by debts and legal problems for years. In 2002, Riley filed for Chapter 11 bankruptcy protection. He emerged from bankruptcy a year later, but that didn’t stop his money troubles. In 2004, the Internal Revenue Service filed a $1 million lien against Riley for unpaid income taxes. In 2006, Riley was forced to sell his house in the ritzy Church Point neighborhood for $1.5 million to pay off federal and city taxes, as well as the home’s mortgage. Last year, the IRS filed another tax lien against Riley for $196,747. And just last month, the state filed a $93,684 income tax lien against Riley. The studio, too, is mired in debt. In 2005, Riley borrowed $700,000 against the studio from a local lender, Equitable Relocation Services Inc. Riley defaulted on that loan, and the lender won a $700,000 judgment against him in 2006.
SMH. Poor thang.