How do you lose $70 million in just a couple of years? Ask Scott Storch and he can give you an answer. In fact, in a recent interview with Style, Storch admits that he spent over $3 million a year just on cocaine and partying. As a result of his careless spending and coke addiction, Storch’s $70 million fortune quickly evaporated leaving him with no home, no car and no yacht.
“I was burning through about $250,000 a month, mostly on partying,” he says, his voice low and measured. “I was spending money I had no business spending.”
To make matters worse, turns out Storch couldn’t produce hits while high…instead he chose to work with “artists” like Hulk Hogan’s daughter which quickly turned him from beat making sensation to the joke of the hip-hop industry. The moral of the story in all of this? Never produce a song for Hulk Hogan’s daughter. Oh…and don’t spend your $250K a month on drugs, sex and boats. Just spend about $100K.
HAHA those last comments are classic.
It seems almost unfathomable that someone can fall so far so fast. It just shows you how important it is to know the value of the money. Storch got his money really just having fun, producing records is work but its a nice work to be in. When you haven’t really earned your money through hard work, its so much easier to lose it. Just ask any lottery winner.
I wouldn’t doubt it if he makes a comeback though. If he really is as smart as he think he is, he’ll be back. Hopefully then he’ll have learned his lesson and exercise a little tiny bit of financial responsibility. I’m not asking for a whole lot, because I know that would be asking for too much.
At least he’s got the world of reality television to fall back on, ain’t that right Stephen Baldwin.
Check out my blog on Scott Storch’s situation at… http://www.thedebtgazette.com/2009/08/scottstorch/
[...] from his studio, house, boat…you name it. I guess that’s what happens when you spend a reported $3 million a year just on drugs and partying. Even though Storch’s former house, Villa Ferrari, [...]
[...] from his studio, house, boat…you name it. I guess that’s what happens when you spend a reported $3 million a year just on drugs and partying. Even though Storch’s former house, Villa [...]