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Montell Jordan had one of the biggest anthems of the ’90s and it still packs the dancefloor if you drop it in the club today. Even after all the hit records, the star still had to file for bankruptcy after Uncle Sam came for him about a large tax bill.
Source: Rick Diamond / Getty
According to TheJasmineBrand.com, Montell explained how he lost it all, saying, “I made some bad choices with the people that were working with me. You know how they say have lawyers to watch your lawyers? I didn’t have lawyers watching my lawyers and something slipped through the cracks. Little $50,000 advance? I was supposed to pay $11,000. It didn’t get care of, it went into default, they allowed the interest to accrue, and then over a period of three years later they came back like, ‘Yo! You owe us $700,000.”
Jordan had to sell his masters just to pay the tax bill because the interest in the unpaid taxes (that he said is 11 percent a day) caused his debt to skyrocket.
Jordan also spoke of the money he wasted and how he wished he would’ve made better decisions, saying, “It’s counterfeit. And counterfeit always comes before the real. I would go have clothes made for the Soul Train Awards. I spent $15,000 on a python jacket, stuff that I could only wear one time because they’ve seen it. It’s on the cover of JET magazine, you can’t show up to church wearing that next week. I had all these different things that I had acquired that seemed like they were cool things at the time, rather than spending $15,000 to buy some property or some land. Instead of investing into really, really wise things, I put it into shoes, and watches and stuff like that. And then one day we had a house fire and it all burned up. We lost everything. And all we had was each other.”
His church family helped him to get back on his feet. He is now a pastor.
How Did Montell Jordan Go Bankrupt? was originally published on mycolumbusmagic.com
