Scott Storch Files For Chapter 7 Bankruptcy
Producer Scott Storch has reportedly filed for bankruptcy.
According to court records (via New York Daily News), he filed for Chapter 7 protection in Florida earlier this month, claiming $4.4 million in debt and just $3,600 in personal assets.
Specifically, Storch says he has just $100 in cash, $500 in clothing and a $3,000 watch.
At one time, Scott was the most sought after producer in the industry, amassing a fortune of $70 million. He also lived a lavish lifestyle with private jets, multiple cars, a yacht, a Miami mansion and an expensive cocaine habit.
In a 2013 interview with Vlad TV, Storch blamed his downward spiral on a "combination of women and drugs."
"I would always be going from L.A. to Miami to New York, to Russia, St-Tropez," he said, referring to his private jet trips. "Costs about $50,000 for a domestic flight, $250,000 for overseas. Yeah, that's an expensive habit."