Teddy Riley, who cemented his spot in R&B as the father of late 80s, early 90s New Jack Swing- has put his state-of-the-art Virginia Beach studio up to be sold in an attempt to pay back creditors, The Virginian-Pilot reports.
Riley purchased Future Records Recording Studio for $3 million in 1991. Creditors have agreed to seek a buyer for the studio in a Feb. 1 court hearing, but acknowledged that the studio had outdated equipment, which could affect it being sold as a working business.
Riley has been in heavy debt since 2002, the year he filed for Chapter 11 bankruptcy. Since then he has sold his home for $1.5 million to pay off debt, to no avail. Riley currently faces a $196,747 lien against him, and a $93,684 income tax lien, both filed in 2007.
February 07, 2008 @ 4:21 pm
Teddy Riley Puts Up Studio to Pay Bills
Super-producer owes creditors $1 million
Article tags: Teddy Riley, New Jack Swing
Page printed from:
http://www.vibe.com/news/news_headlines/2008/02/teddy_riley_debt/
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