Lil wayne selling his miami home for a net loss

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 7 years ago '11        #61
DJ EM Double 31 heat pts31
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 2totimes said:
also wayne brought in over $70M gross from his last tour
That number seems kinda high, if you said Baby and Slim made 70M working Wayne, Drake and Nicki to the bone like slaves for the last few years I would be like :hmm:

Where did you get this from?
 7 years ago '04        #62
l0udm0uf 1 heat pts
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buncha smart a.ss dumbass n*ggas in here
 7 years ago '10        #63
HeyCobra 7 heat pts
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 BobTheBuilder said:
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
where did i say he had that laying around, its his networth, point being people with networths that high dont go flat fu*king broke over 5 million, he could drop an album tommrow and gross 5 if he wanted to.

people sell there houses all the time, with the wayne tours and hussles hes never in the big a.ss house anyway, its known dude lives like on a bus, and was just in jail, he aint need that house
 7 years ago '10        #64
Dextromethorphan 217 heat pts217
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 HeyCobra said:
where did i say he had that laying around, its his networth, point being people with networths that high dont go flat fu*king broke over 5 million, he could drop an album tommrow and gross 5 if he wanted to.

people sell there houses all the time, with the wayne tours and hussles hes never in the big a.ss house anyway, its known dude lives like on a bus, and was just in jail, he aint need that house
boxden: where excuses happen
 7 years ago '05        #65
YARKONE 4 heat pts
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 HeyCobra said:
where did i say he had that laying around, its his networth, point being people with networths that high dont go flat fu*king broke over 5 million, he could drop an album tommrow and gross 5 if he wanted to.

people sell there houses all the time, with the wayne tours and hussles hes never in the big a.ss house anyway, its known dude lives like on a bus, and was just in jail, he aint need that house
he paid 14 million for the home... selling it for 12, living in it or not... u wont sell a house for a loss when u caking...that sh*t is hustling backwards.
 7 years ago '10        #66
HeyCobra 7 heat pts
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 RtodaAV said:
boxden: where excuses happen
what excuse? unlike some of you uneducated mother fu*kers i went to a good college and graduated.

i know what net worth means, and if you also do, you should know that somebodys whos networth is that high can take a 5 mil hit.

if he is facing a 5 mil hit he already won, so i dont get why people on boards act like dude lost, hes still got money, and your still wishing you were him.
 7 years ago '10        #67
HeyCobra 7 heat pts
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 YARKONE said:
he paid 14 million for the home... selling it for 12, living in it or not... u wont sell a house for a loss when u caking...that sh*t is hustling backwards.
okay then call it a loss, over all hes still winning, whats your point? you act like hes in the welfare line.

my point was hes not broke, and probably wont ever be broke, i brought up his networth, someone called me stupid cause they a.ssumed i thought networth ment he had that money, i corrected them by saying i know what networth means.

bottom line wayne aint broke or hurting over selling some house for less than he paid
 04-11-2011, 10:55 PM         #68
Entelligentz 
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Wayne is obviously dealing with a liquidity issue. He does not currently have enough liquid cash to pay off the tax liens, and the longer he waits, the more interest the liens accrue and the worse his credit gets. When you have a lot of money your credit still matters, because bigger purchases mean more interests.

His financial advisors and accountants probably did a thorough examination of all his properties, and decided this one would sell the fastest on the market and allow him to pay off at least a significant amount of the tax liens he owes. However, since the property was only recently purchased, I imagine he took out a mortgage on it so he won't get whatever it sells for. Whatever the case, he obviously needs cash fast, and selling off property is the fastest way. Real estate is an illiquid a.sset, but hes desparate because he's dealing with a cash flow problem.

His net worth is completely irrelevant for the purposes of this discussion. Cash in bank accounts and investments is only a small part of one's net worth. His a.ssets can be in business ventures, real estate, bonds, or any other investments. All that really matters is that his balance sheet is over-leveraged because his liabilities are greater than his a.ssets.

In short, after being in jail for a year, Wayne had to pay bills and expenses without taking in significant income because he was unable to work. He also probably has dumb accountants and financial advisors around him (most entertainers do, believe me) so he has to sell off a large a.sset to pay off these tax liens.
 7 years ago '10        #69
Superboy504 13 heat pts13
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He askin for 12.9 and and he JUST bought it for 14? That dont sound right. He needs to come down a lil more. Homes like that depreciate QUICK! He should be askin for about the 11 range. That sounds about right. But like they said, somebody is going to make him an offer he cant refuse. If he owes the IRS 5.6, what he gonna do with the rest of the cash after he pay them off? Hopefully pay them ahead for a couple years so they can get off of his back. I mean he should be straight though. The Carter 4 is gonna bring about 15 mill in by itself. It better live up to its hype from the sh*t he been talkin.
 7 years ago '07        #70
cankstoochie 48 heat pts48
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Where his paw Birdman at?
 7 years ago '06        #71
luckluck 17 heat pts17
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 Superboy504 said:
He askin for 12.9 and and he JUST bought it for 14? That dont sound right. He needs to come down a lil more. Homes like that depreciate QUICK! He should be askin for about the 11 range. That sounds about right. But like they said, somebody is going to make him an offer he cant refuse. If he owes the IRS 5.6, what he gonna do with the rest of the cash after he pay them off? Hopefully pay them ahead for a couple years so they can get off of his back. I mean he should be straight though. The Carter 4 is gonna bring about 15 mill in by itself. It better live up to its hype from the sh*t he been talkin.
What makes you say that? Because usually homes (or at least the land they are on) appreciate in value. Im curious as to why you say homes "like that" depreciate.
 7 years ago '11        #72
PTC 138 heat pts138
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 HeyCobra said:
where did i say he had that laying around, its his networth, point being people with networths that high dont go flat fu*king broke over 5 million, he could drop an album tommrow and gross 5 if he wanted to.

people sell there houses all the time, with the wayne tours and hussles hes never in the big a.ss house anyway, its known dude lives like on a bus, and was just in jail, he aint need that house
What's funny is ya'll n*ggas being that being defensive don't realize the rest of the n*ggas in here using their brains ain't sayin he going dead broke. We just raising questioning on the stupidity of money management of some of these celebs and they ain't as ballin as you really think they are.

BTW, wayne's last 2 albums didn't make plat (according to wiki) and they only made certified Gold...so lets say he did 700k... how much an artist make an album? $2? 3?

so thats 2.1 mill - taxes and he's already in the 1.x range. But he don't pay taxes so lets just say 2.1 mill.

That's a whole album n*gga...

So dropping an album and "grossing 5" don't mean sh*t cuz most that money goes to Baby + universal anyways.
 7 years ago '11        #73
PTC 138 heat pts138
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 Superboy504 said:
He askin for 12.9 and and he JUST bought it for 14? That dont sound right. He needs to come down a lil more. Homes like that depreciate QUICK! He should be askin for about the 11 range. That sounds about right. But like they said, somebody is going to make him an offer he cant refuse. If he owes the IRS 5.6, what he gonna do with the rest of the cash after he pay them off? Hopefully pay them ahead for a couple years so they can get off of his back. I mean he should be straight though. The Carter 4 is gonna bring about 15 mill in by itself. It better live up to its hype from the sh*t he been talkin.
15 mill in what? total album sales? touring?

n*gga already got banned in some countries didn't he?
 7 years ago '05        #74
white-chocolate 125 heat pts125
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 legendisdope said:
smh @ taxes, government is robbin everyone man
in a major way and yet our countries are still broke after robbing us
 04-11-2011, 11:36 PM         #75
factorx3 
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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
but if he has this money why cant he pay his bills? 500k a show? all he would have to do is 28 shows which he has already done.......baby raping him like he did all his other artist
 04-11-2011, 11:38 PM         #76
factorx3 
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remember drake and nicki are his acts too....but where is that money
 7 years ago '04        #77
PrisonRules 70 heat pts70
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 DJ EM Double said:
That number seems kinda high, if you said Baby and Slim made 70M working Wayne, Drake and Nicki to the bone like slaves for the last few years I would be like :hmm:

Where did you get this from?
cant rmbr...so i just tried checking...and billboard says 42Million
 7 years ago '10        #78
Dextromethorphan 217 heat pts217
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 HeyCobra said:
what excuse? unlike some of you uneducated mother fu*kers i went to a good college and graduated.

i know what net worth means, and if you also do, you should know that somebodys whos networth is that high can take a 5 mil hit.

if he is facing a 5 mil hit he already won, so i dont get why people on boards act like dude lost, hes still got money, and your still wishing you were him.
No, you went to Lincoln Tech. If he had money he wouldn't have this problem. Why doesn't 50 have this problem? What about Diddy? How about Jigga?

Just because forbes reports somebodys net worth it isn't true lol. What account records do they have access to? Remember cash money is a private company.
 7 years ago '10        #79
Dextromethorphan 217 heat pts217
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 HeyCobra said:
okay then call it a loss, over all hes still winning, whats your point? you act like hes in the welfare line.

my point was hes not broke, and probably wont ever be broke, i brought up his networth, someone called me stupid cause they a.ssumed i thought networth ment he had that money, i corrected them by saying i know what networth means.

bottom line wayne aint broke or hurting over selling some house for less than he paid
No he isn't winning lol. He is already at step 1 for filling for chapter 11. This is how it starts.
 7 years ago '05        #80
Pringle 8 heat pts
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No rich man sells his stuff for a loss unless he's cutting his long term losses down, in this case, dude is selling for short term losses=IRS=He doesn't have the money to pay the IRS (AND) keep his personal property WITHOUT a loss. :thumbsdown: If everyone was "BALLING" like they portray then why not pay CASH for stuff instead of paying notes like normal people and cut the unnecessary interest which means keeping more paper in the long term? Peeps need to stop trying to calculate what someone else's paper is. Dude living beyond his means like MOST people do whether it's 30K a year or 30 million a year income. No dang way dude need a condo AND a mansion in the same city ESPECIALLY when dude owe more back taxes than one of properties to begin with
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