Its NO money, mo’ problems for rap diva Lil Kim, who recently resorted to bankruptcy reportedly in order to avoid the embarrassment of having her more than 6,000 square foot New Jersey mansion sold on the courthouse steps.
Kim, according to the New York Daily News, has a good chunk of debt too: more than $4 million in secured and unsecured debts.
Kim claims in court documents that her income has dropped substantially, plummeting from $823,659 in 2016 to $398,000 last year. Kim reported her monthly income to be $18,286.
Why the money drop?
The one-time undisputed Queen of Hip Hop, Kim hasn’t released a full album in over a decade. Her last mixtape was the rather unremarkable Lil Kim Season, which dropped in 2016 to mixed reviews.
The last major tour she participated in was the Bad Boy Family Reunion Tour, which featured 26 shows by most of Bad Boy’s artists. It ended in 2016.
Some fans have criticized the beloved rap diva for allegedly spending tons of money on unnecessary and extreme cosmetic enhancements instead of putting away some change for a rainy day.
Kim’s bankruptcy filings indicate she has only $2,500 cash on hand, and assets that include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Her monthly expenses include $2,200 on wardrobe, $10,410 on travel and entertainment, $2,317 on staff, and a monthly mortgage payment of $6,610.
Meanwhile, Kim, who’ll turn 43 next month, seems unfazed, according to her social media pages. She dropped the video to her latest song, “Spicy” via Worldstar yesterday.