Lil’ Kim Files for Bankruptcy; New Jersey Mansion Being Auctioned Off

Lil’ Kim performs onstage during VH1 Hip Hop Honors: The 90s Game Changers on Sept. 17, 2017, in Los Angeles.
Lil’ Kim performs onstage during VH1 Hip Hop Honors: The 90s Game Changers on Sept. 17, 2017, in Los Angeles.
Photo: Maury Phillips (Getty Images)

Well, Lil’ Kim has gone the route of our current president, who himself has filed for bankruptcy between four and six times.

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Days before a bank foreclosed on her 6,000-square-foot gated mansion in early May, the platinum-selling rapper filed for Chapter 13 protection in a New Jersey court.

Not only does the diminutive diva owe more than $1.47 million in back taxes, but the New York Daily News reports that Kim (born Kimberly Jones) owes more than $4 million in secured and unsecured debts and $664,474 in late mortgage payments for the $2.3 million house in Alpine, N.J., which she bought in 2002.

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In court docs, Kim says that her income has dropped substantially in the last few years—from $823,659 in 2016 to $398,000 last year. She now lists $18,286 as her monthly income ($12,784 of which goes toward expenses).

Kim’s $2,573,300 in assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Her monthly expenses include $2,200 on wardrobe, $10,410 on travel and entertainment, $2,317 on staff, and a monthly mortgage payment of $6,610.

The home, which the rapper shares with her 3-year-old daughter, is going up for auction on June 29.

Ms. Bronner Helm is the Senior Editorial Director at Colorlines. Mouthy Black Girl. Rosalynn Carter Mental Health Fellow. Shea Butter Feminist. Virgo Sun, Aries Moon.

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DISCUSSION

The misfortune of having to play up an image you created on wax and music videos. Kim was a luxurious diva from around the way for a long time. Hope someone helps her make sound financial decisions for now on.