Scott Storch Finally Loses His Miami Home

Once upon a time music producer Scott Storch was once said to be worth $70 million, money he earned by producing records for Christina Aguilera, Brooke Hogan and Beyonce among others. But Storch’s penchant for high living has gotten him in trouble. For the last year or so he’s been struggling to hold on to his home on Miami’s Palm Island. TMZ reports that the battle is at an end. Storch defaulted on the property last July but then declared bankruptcy. Now the bankruptcy order has been dismissed and SunTrust bank, which held two mortgages worth a combined $7.75 million against the property, bought the property back at auction on Friday for $5.5 million. Storch has said that he lost money during a period of time when he was addicted to cocaine and he went into rehab earlier this year.
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Xzibit Faces Foreclosure on Home

Even celebrities aren’t safe from the recession and the bad housing market! Rapper Xzibit is the latest star facing foreclosure on his California home after failing to make his mortgage payments.

The rapper owes more than $21,000 in back payments, and earlier this month documents that were leaked online showed that he owed more than $500,000 in unpaid taxes. Yikes!

According to TMZ, bank officials have sent him an official warning letting him know his Woodland Hills home is in jeopardy.
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Nick Cannon Denies Being Broke

Nick Cannon took to his blog Tuesday to fire back at bloggers who have suggested that he’s broke and is being sued by the jeweler that he bought wife Mariah Carey’s wedding ring from.

Here’s what Nick Cannon wrote on his blog:
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