Jermaine Dupri is an American songwriter, rapper, and record producer who has a net worth of $2.5 million. At one point in the 1990s, Jermaine was one of the most successful producers in music, working with artists like Kris Kross, Jay Z, Da Brat, Mariah Carey, and more. At his peak, his fortune topped an estimated $60 million, with a music catalog that was worth a minimum of $20 million, as we detail in the next sections. Jermaine has experienced some financial bumps during his career that resulted in several lawsuits with banks and foreclosures of personal properties.
Jermaine Dupri’s Financial Problems
Despite having a net worth of $60 million in 2006 and earning $11 million in 2008, Jermaine Dupri has fallen on difficult financial times. The IRS penalized him for an estimated $183,000 in unpaid 2008 taxes and an estimated $2.5 million owed between 2003 and 2005. In 2012, the IRS forced Dupri to pay a total of $493,818.75 in taxes on an original bill of just $254,782.64. Interest compounded the penalties after he failed to file a 2007 tax return.
In 2013, SunTrust Banks sued Dupri for defaulting on a $5 million loan, which he took out three years earlier. To settle with the bank, Dupri used his record label So So Def’s song copyrights as collateral and sold his recording studio and So So Def music catalog, which included work from Da Brat, Bow Wow, Kris Kross, Xscape, and others.
Dupri counter-sued the bank, saying that his studio was worth $2.5 million and his music catalog was worth $20 million. He sought at least $216,000 in damages and attorney fees. In June 2015, a judge settled the case, ordering Dupri to pay SunTrust Banks $1,820,593.10. The enforced payment also came with interest for $225,146.80 for a total of $2,045,739.90.
Authorities accused Dupri of refusing to pay $575,000 in back taxes and placed a lien on his property on May 29, 2018. The lien accuses him of refusing to pay income taxes for the years 2012, 2014, and 2015. In total, the Georgia Department of Revenue claims that Dupri owes a total of $578,638 in taxes.
Real Estate Foreclosures
In 2011, foreclosure proceedings were initiated on his mansion in northwest Atlanta. A delay temporarily postponed the foreclosure, but it resumed in 2012. After Dupri defaulted on his $2.5 million loan, the auction sold his mansion. In December 2012, his home in the Mount Paran neighborhood of Atlanta was also advertised for foreclosure, and it appears he lost this home in 2014. In 1990, 18-year-old Dupri produced a record for a female rap trio called Silk Tymes Leather. The album was not successful, but the experience was valuable for Jermaine. Dupri’s first major success came when he discovered two teen rappers at a local mall. He called them Kris Kross and produced their debut album, Totally Crossed Out.