Lil Kim‘s financial turmoil is beginning to build up as it’s now revealed her house may be auctioned off to cover outstanding balances the hip-hop legend owes.
According to documents in Lil Kim’s bankruptcy she failed to make her June 1 mortgage payment of $10,155.47 on her mansion in Alpine, NJ. It appears Kim may have been letting the property fall into foreclosure, but once she filed for bankruptcy it halted all the proceedings. Now, a creditor in her bankruptcy is asking for permission to auction off the house and use the money to help pay off her debt.
As we reported, the “Spicy” rapper filed for Chapter 13 bankruptcy last month with liabilities towering over $4,084,841.60 and assets in $2,573,300.
She owes $1,845,451 in back taxes alone.
Kim proposed a plan to repay her millions in debt, saying she would pay $5,500 per month for 60 months, which would only pay back around $330,000.
The creditor says the 6,000 sq ft property is worth at least $2 million, and wants to be able to seize and sell it ASAP. The judge has not yet ruled.
Getty / Auction.com