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Source: eurweb.com
Posted on: February 7, 2008 07:43 MST
Filed under: Rap, R&B, Pop


*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.

      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was considered state-of-the-art when Riley purchased it for $3 million in 1991, but the equipment is now thought to be out of date.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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