*The Virginian-Pilot newspaper is reporting that famed producer Teddy Riley has fallen on hard times and is selling his Virginia Beach recording studio to help get himself out of debt.See Also:
According to the newspaper, the architect of New Jack Swing owes $1 million to several creditors and is hoping money from the sale of his Future Records Recording Studio will satisfy the bill. But that's not likely to happen.
The one-story building was considered state-of-the-art when Riley purchased it for $3 million in 1991, but the equipment is now thought to be out of date. The house was reportedly assessed at only $460,000.
During a court hearing on Friday (Feb. 1), lawyers representing two different creditors to whom Riley reportedly owes money agreed to seek a buyer for the studio. Both attorneys understand that the studio has dated technology, but Richard J. Conrod, Sr., a lawyer for one of the creditors, is hoping to sell the property as a working business instead of just real estate.
"I'm trying to save this iconic studio for the cultural heritage it represents," Conrod said. "It would be a shame for it to be mowed down or become anything but a recording studio."
Riley has reportedly been in debt since at least 2002, when he filed for Chapter 11 bankruptcy protection. He bounced back a year later, only to have the IRS file a $1 million lien against him for unpaid income taxes in 2004. Two years later he was forced to sell his home in the posh Church Point neighborhood of Virginia Beach for $1.5 million to pay off federal and city taxes, as well as the home's remaining mortgage.
In 2007, the IRS filed another tax lien against him for $196,747 and just this past month the state of Virginia filed a $93,684 income tax lien against the musician.
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