“All About The Benjamins” Rapper In Legal Battle To Save Her Mansion
Lil Kim’s efforts to save her mansion through filing for bankruptcy may all be in vain.
The rapper’s $3 million New Jersey estate is still on the auction block despite her efforts to save it through her bankruptcy, BOSSIP has learned.
Kim’s palatial pad has now been rescheduled for auction in Bergen County, NJ next month and the minimum bids starting at just $100 – although the mortgage holder’s won’t OK a sale for anything less than $1.9 million, according to public records. The auction is set to happen August 3 at the county building in Hackensack, NJ.
In May, Lil Kim filed for bankruptcy, admitting she owed more than $4 million to various creditors. She has offered to sell the home, which she bought for $2.275 million in 2002, in order to pay some of the debts. However, the “Ladies Night” artist’s proposed bankruptcy plan has been met by opposition from some of her creditors, including MTGLQ Investors, the investment group that bought her mortgage. The group wants the home sold ASAP and her out of it for good, according to court docs obtained by BOSSIP.
The investment group said the rapper owes more than one million on the home and hasn’t paid the mortgage regularly in ten years. The mansion went into foreclosure last year. However, Kim said in court papers that she took out another loan in order to pay the mortgage debt in full.
The rapper is due in bankruptcy court later this week.