Bankruptcy: Personal Items of Suge Knight Auctioned Off
Personal items including a photo of Suge Knight, former CEO of Death Row Records and late rap star Tupac Shakur were auctioned off to pay for storage bills.
According the Wall Street Journal, hip-hop mogul Marion "Suge" Knight faces millions of dollars in debt and filed for bankruptcy back in 2006.
Since then, the rap boss has remained financially strapped.
Conejo Valley Moving & Storage recently held an auction to recoup some of the several thousand dollars owed for storing the items.
The items are left over from Malibu mansion Knight sold in 2008, two years after both he and Death Row sought bankruptcy protection. The 8,272-square-foot property sold for $4.56 million in bankruptcy court.
In general, bankruptcy is a federally authorized procedure by which a debtor -- an individual, corporation, or municipality -- is relieved of liability for some of its debts by making court-approved arrangements for their partial repayment.
Knight faces millions in tax liens and other legal judgments.
His ex-wife, R&B singer Michel'le Toussaint, is asking bankruptcy officials in charge of Knight to cover the $40,476 in court-ordered spousal and child support bills.
Knight filed for bankruptcy in 2006 after Lydia Harris brought a $100 million judgment in a lawsuit claiming she was instrumental in the founding of Death Row. She claims she was cheated out of a 50 percent stake in the company. In 2005, Harris received a $105 million settlement.
To try and collect cash to pay off his debts, Knight sued a Miami club and rap superstar Kanye West. The lawsuit filed claims negligence, personal injury and failing to protect him from the shooter, who took aim at the party West hosted at the Shore Club before MTV's Video Music Awards in August 2005.
Last year, the litigation firm representing Knight's bankruptcy case requested a $6.8 million fee for handling and now joins a list of other creditors including the IRS.
In the meantime, the auction brought in about $4,500, which still was not enough to offset Knight's owed storage costs.
- Suge Knight Down To His Last $11? (The Smoking Gun)
- No 'California Love' For Suge Knight (WSJ Blog)
- New Death Row Records Head Discusses Dr. Dre Lawsuit, Label's Future (WSJ Blog)
- Rap Producer Dr. Dre Sues Death Row Records for Royalties (FindLaw)
- Bankruptcy - An Overview (provided by James H. Monroe, P.A.)
- Bankruptcy FAQ (provided by Bryan P. Keenan & Associates)