When The Checks Stop Coming In: Teddy Riley

- By Bossip Staff Categories: News, When The Checks Stop Coming In

Posted by Bossip Staff

teddy riley for sale

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.

Source

teddy riley studio for sale

Comments

  • WOMAN

    how can that be? they still play his music on the radio…

  • Lauren

    Poor Thang….

  • Ms. Lovely

    Somebody tell a sister what do they do with all the money?

    I’m at a loss. Don’t your funds start to get low and you say to yourseld, maybe I don’t need seven cars?

    ‘They never should have gave you ni@@as money’

  • KillaBeeSwarm (powered by Linux)

    Say it ain’t so. Say it ain’t so. I remember all the controversy on the true lyrics to Blackstreet’s “Before I let you go”

  • SIX Shooter (GET MONEY)

    I dont want to lose my house, dont want to lose it. I dont want to sayyyy good bye, nah mo. It’s always the big checks I remember, and now they slipped away, slipped away.

  • NYCPryncess

    LOL @ SIX Shooter.

    I don’t wanna lose my house, mmm

    I don’t wanna say bye-bye, oh no no

    Rentals are so hard to find

    Should we move in with your Mom or Miine? or Miiiiine!

  • Virgilio Soler Jr

    Unfortunately this is nothing new. Even today a lot of these new cats don’t bother to get their finances straight before they start to show off the bling. It’s about investing your money and making it work for you in the long run. Oh well, easy come easy go!

  • Just Sit And Be Pretty

    @ Ms.Lovely…”Somebody tell a sister what do they do with all the money?

    I’m at a loss. Don’t your funds start to get low and you say to yourseld, maybe I don’t need seven cars?”

    ___________

    I completely agree. I mean, do they just spend up ALL their money?!?! Don’t folks save, invest, etc. LOL, reminds me of low brow folks who win the lottery and blow right through their stash and end up back at square one. I don’t get it at all.

  • PRTTYBRWNGIRL

    i cant quite put my finger on it .. but this dude reminds me of some type of animal .. he weird lookin

  • http://www.myspace.com/150821702 Bankable P

    They don’t manage their money and just spend it on clothes and other “entertainment” items. I think a lot of people read the article about britney and how she spends close to a million a month in “entertainment”. They travel a lot and party a lot and who wants to be in the club where they are movers and shakers and can’t make it rain……..then they wake up one day and find out they never paid their taxes and their other bills etc. and now they have to put everything up for sale.

    They should make them put their money in a trust account and get a monthly stipend, once you spend your allowance for the month – ho sit down till next month. LOL!

    SMDH!!

  • NYCPryncess

    LOL @ Bankable P

    “Ho sit down till next month” Classic.

  • BABY

    negroes, PAY YOUR BILLS!

  • and another one.......

    He got problems ‘no diggity no doubt’

  • KillaBeeSwarm (powered by Linux)

    Wait, this can’t be right. The feds was putting liens and stuff on him for a minute, but the Commonwealth of Virginia just now put a lien on him? VA don’t usually slip up like that. I’ll assume this is only a sample of his financial troubles and not the entirety.

  • I'm Just Me

    @NYCPryncess and Six Shooter!! LMFAOOO Y’all are messes I tell ya.

    What is new though. All these people are turning up broke because they mismanaged their money so poorly. They spent like they would always be on top and very few invested. I looked at the studio…it looks like crap. I doubt he’ll get a mil for it.

    Daggone it Teddy…where did you go wrong? I didn’t even know it was you in the pic until it said your name.

  • Honeydipt

    Wow, I grew up during the “New Jack” era. I feel for Teddy! He should have been investing that money for real. Some of today’s “artists” need to be paying attention right now or else they will be singing the same sad song in a year or two…it’s amazing he held up this long. Souljah Boy! Ya listening??? Sean Kingston?? Folk walking around with a bling encrusted Tony the Tiger box and a Crayola crayon box hanging from a necklace…wtf?? They will be selling that ish by summer, watch what I tell ya….

  • nee

    what is up with that long fingernail on the pinkie- maybe all his money is going on some fine white powder to fill that nail.

  • persona

    Teddy Riley isn’t from the bling era, though. So there is more to this story. Blackstreet was wearing shiny suits but not diamond earings. And, Guy just ran out with guitars and what not.

  • Honeydipt

    Oh Lawd they doing him like they did “Hamma” they both were on top at some point…oh well, “Life comes at you fast” lololol *hamma’s commercial–him sittin’ on the curb in front of his used to be house*

    It’s not funny…but it is. <— Did that make sense??

  • wtf

    his studio is in the Thalia neighborhood/section of Virginia Beach, VA. There’s no such thing as Thalia, VA!!

  • I'm Just Me

    @ Honeydipt: LMFAOOOOOOO!!!!!! You are killing me. I agree. Bling encrusted Tony the Tiger…CLASSIC!!

  • Just Sayin

    Daaaaaaaaaum!

    That looks like a dump anyway. I would have defaulted on it instead of paying for something as run down as that.

    🙂

  • Ms. Lovely

    @Nee

    Good eye, did not notice the one long pinky nail, ewwwe. That is so nasty.

    Brothers cut your nails.

  • NYCPryncess

    Preach Honeydipt! PREACH!!!

  • Smartie

    NYCPryncess, you got me here sobbin like a fool. Thanks for making my day….

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