Lil wayne selling his miami home for a net loss

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 7 years ago '06        #1
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teamSkeem 166 heat pts166
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Lil wayne selling his miami home for a net loss
 

 

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Rapper Lil Wayne wants to, or maybe just needs to, unload his Miami mansion on La Gorce Island, Fla., that he purchased early last year for $14 million. He is asking $12.9 million for a possible quick sale given he has an Internal Revenue Service tax lien hanging over his head.

The IRS says the rapper, whose real name is Dwayne Michael Carter, Jr., owes the government a total of $5.6 million, which breaks down to $3,351,078 owed for 2008 and $2,258,956 for 2009. Last year, he had liens against him for more than $1 million for the tax years 2004, 2005 and 2007.

Before purchasing his 15,101-square-foot home he had rented it for several months from a real estate developer, area real estate agent Andre Shambley of the ERA Herman Group told this AOL Real Estate contributor. While renting, Lil Wayne's four-bedroom South Beach condo at the Murano Grande was on the market for $2.8 million to help pay off last year's lien. The 9-bedroom, 9 full-bath, glass, steel and marble modern residence has a two-story master suite accessible by a glass elevator and two half baths. The living room truly has a floor-to-ceiling wall of glass, which stretches the full length and height of the open space.


In addition to the 2004-built three-level estate there is also a 3-bedroom guest house, a swimming pool, a 3-car garage and about 120 feet of water frontage on Biscayne Bay. See 16 photos in our gallery and a video below. "Most La Gorce Island homes have extensive water frontage that can accommodate large vessels. It's perfect forboaters," says Shambley. "Celebrities as well as public figures who seek privacy are often attracted to La Gorce Island."

Just under a year ago, an 8,284-square-foot home on the island sold for $7.4 million and a 10-bedroom one at 17,183 square feet, sold for $16 million.

"If you take into account recent home sales within the past 12 months on La Gorce Island Lil Wayne's home is priced to sell," says Shambley. "My prediction is that with the tax lien that is now looming, a buyer is going to come make him an offer he can't refuse."

Prior to his move to Miami, Lil Wayne had a place in his hometown of New Orleans, as seen on MTV Cribs (video below). He also called a U.S. prison cell as home for about a year after a weapon's conviction.


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 See Photos of Lil Wayne's Miami $12.9 M Mansion for Sale





Damn, maybe Hov wasn’t too far off with that ‘Baby money’ line after all? image





























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126 comments for "Lil wayne selling his miami home for a net loss"

 7 years ago '05        #2
Greece 8 heat pts
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That's a big L in Florida. Since he owned the home as a primary residence for less than a year he is going to be taxed on the sale by the state. Since he already owes the IRS money virtually all of the $14 million put in on the home will be lost.
 7 years ago '04        #3
fame614 220 heat pts220
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i thought that was the young money house
 7 years ago '10        #4
Dextromethorphan 217 heat pts217
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 I-NeeD-$$$ said:
anyone that thinks 5.6 mil is even close enough to break wayne is fu*kin stupid
Why can't he pay his taxes?
 7 years ago '04        #5
fame614 220 heat pts220
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 I-NeeD-$$$ said:
anyone that thinks 5.6 mil is even close enough to break wayne is fu*kin stupid
 7 years ago '10        #6
beast mode 25 heat pts25
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what a fu*kin clown. bet he ends up letting it go for 8-10 range then get taxed on the sale.
 7 years ago '10        #7
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 I-NeeD-$$$ said:
anyone that thinks 5.6 mil is even close enough to break wayne is fu*kin stupid
you're a fu*king idiot. i bet you believe anybody that flashes money in a video has billions
 7 years ago '08        #8
piffery973 11 heat pts11
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not my boy
 7 years ago '04        #9
DoctorJ|m 35 heat pts35
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@I-Need-$$$: "anyone that thinks 5.6 mil is even close enough to break wayne is fu*kin stupid"

Honestly, he isn't too far off. Check it out.
1) Back in 2006, there was a news clipping I saw in a Florida newspaper talking about how Young Jeezy was in south Florida courts f!ghting in court, against his ex-girl for trying to raise his child support. He was paying $4,000/month, and she wanted it raised to $13,000/month on grounds that his Def Jam debut album 'Let's Get It: Thug Motivation 101' sold almost 2x platinum the year before. Jeezy and the Def Jam legal team brought in an IRS-agent and he was able to WIN the case because they should legal documents stating that he owns no home or vehicle under his name (both are leased by the record label)...and for colleteral all he had was a net average of about $8,000 in his bank account about about $13,000 worth jewerly (according to a jewerler audit). The judge did raise the monthly payment to $6,000/month....but his ex-girl was denied the plea of $13,000/month which sounds insane (gold-digging almost).


2) I went to the Atlantis music conference in Atlanta, GA back at the end of 2005 and one of the panelists for Q/A was Daron Jones (from the R&B group 112). And when questions came up about publishing and contracts...he told a story about how 112 as a group MADE MORE PROFIT off of 'Pleasure & Pain' their album on Def Soul Records [which only sold around 650,000 units), vs. their successful 'Room 112' album on Bad Boy Records [which sold almost 3x Platinum], because during the later part of their career they can ask for more in contracts, and not sign into 360 deals.

So I mean, it all depends on the dues you have paid, longevity, and contracts ---- I'm sure people like Jeezy & Wayne aren't broke, but they are also trapped in 360 deals, and shady-business. Especially with news of Wayne's recent tax problems...and the fact he's lowering the cost of the home for a quicker sell; I'm sure he's doesn't "Got Money" like alot of you think he does. Likewise, those Forbes reports that ranked Wayne so far are often skewed, because they take into account the "profit made" by the product of Lil Wayne (music, sales, merchandise, tours, etc)...but it doesn't really state what money (and percentage) he actually takes home.

Like I always say at conferences, it's less about the money/profit you get it, it's more about the money you are spending out. Lil Wayne is more than likely banking off of tour-money, but he doesn't own his own masters, and is prolly spending money too fast to break even - digging more and more debt.

Just my point-of-view.


Last edited by DoctorJ; 04-11-2011 at 05:59 PM..
 7 years ago '10        #10
beast mode 25 heat pts25
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 I-NeeD-$$$ said:




That was in 2010 alone..

now shut the fu*k up f*ggot...

i swear..everybody always tryin to be messageboard comedians wit some corny a.ss jokes
n*gga do you understand he didn't take home 20 mill cash right??? i swear you clown a.ss n*ggaz need to go back to school. after they tax the fu*k outta that 20 mill and he has to pay all expenses for the year "touring expenses,payroll to artists from young money,lawyers,cost of his living ect ect he won't have 5.6 cash to pay for his back taxes hence the reason he has to sell property.
 7 years ago '11        #11
PTC 138 heat pts138
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 I-NeeD-$$$ said:
anyone that thinks 5.6 mil is even close enough to break wayne is fu*kin stupid
Is this n*gga serious right now?

Let me ask you, why would you sell a house and TAKE A LOSS in any situation where you don't have to?
 7 years ago '04        #12
BobTheBuilder 
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its obvious hes selling because he doesnt have the money to pay it straight up no one wants to take an L on a home so if hes taking a 2 milli l on selling the house its definitely not by choice
 7 years ago '11        #13
PTC 138 heat pts138
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 I-NeeD-$$$ said:




That was in 2010 alone..

now shut the fu*k up f*ggot...

i swear..everybody always tryin to be messageboard comedians wit some corny a.ss jokes
You realize Wayne was in jail for most of 2010...
 7 years ago '10        #14
HeyCobra 7 heat pts
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homies networth is est at 85million, i think he will be okay(if this site is legit)

 7 years ago '04        #15
BobTheBuilder 
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 PTC said:
Is this n*gga serious right now?

Let me ask you, why would you sell a house and TAKE A LOSS in any situation where you don't have to?
cause he stupid, what he doesnt know is that, wayne was gettin r*ped over at cash money just like juve, bg, n mannie were thats y they all left, remember why birdman made lil wayne president of cash money??? because he was gonna leave too, if wayne was ballin out of control he wouldnt be selling his home for less then he bought it for he'd sit on it till the market comes back then he'd sell it

baby and slim makin all that money over there at cash money, y you think hes on the forbes list and not lil wayne, how is a n*gga that writes for you, and has more albums than you, tours more than you but your making more money than him, o thats right because hes sined to your label, universal gave baby n slim that 100 million dollars not lil wayne n young money
 7 years ago '04        #16
#1nasfan 
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The amount of info we get about entertainers nowadays is ridiculous and unnecessary, we know way too much about these people's financial situations imo.
 7 years ago '10        #17
beast mode 25 heat pts25
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 francnad4 said:
You think someone that earns 20 million while in jail can't afford to pay 5.6?
you think a n*gga that can't pay his taxes then has to sell a house he just bout to take a loss on it can afford it???
 7 years ago '04        #18
Mr.Man 2 heat pts
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While Baby is buying 2.5 million dollar cars.
 7 years ago '11        #19
DJ EM Double 29 heat pts29
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 RtodaAV said:
Why can't he pay his taxes?
:hmm: good point, why sell the house and why is he in debt if he has so much cashmoney
 7 years ago '04        #20
BobTheBuilder 
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 HeyCobra said:
homies networth is est at 85million, i think he will be okay(if this site is legit)

that doesnt mean he has 85 million layin around stupid, if he has to sell his house to pay the taxes he doesnt have the 5.6 layin around either, NO ONE IN THE HISTORY OF EARTH WANTS TO TAKE A LOSS IF THEY DONT HAVE TOO TAKE IT
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