Lawsuit Filed Against Young Thug Claims He Owes $2.2 Million on Atlanta Home
Young Thug raps about spending seven bands on a tri-colored pit bull, but a real estate developer’s lawsuit claims he should have spent the money paying his mortgage.
A lawsuit filed by Heritage Select Homes, LLC on Wednesday claims the Atlanta-based rapper — whose real name is Jeffrey Lamar Williams — owes more than $2.2 million in house payments. The home is gated and nestled in Buckhead Heights.
Records show that Young Thug — who had six songs crack the Billboard Top 100 in 2016 — agreed to a “balloon promissory note” on the home on Sept. 19, 2016.
A promissory note with balloon payments helps document and clarify the terms of a loan that's designed to have one or more larger payments due at the end of the repayment period.
Documents show that Young Thug, 25, was scheduled to pay a total of $86,500 on Oct. 19; $86,033 on Nov. 19; $150,567 on Dec. 19; and then two more payments of $14,667 in January and February.
On March 19, he was supposed to pay a sum of $2,214,667 on the home, but Young Thug failed to make that payment, according to the lawsuit filed by Atlanta-based firm Knight Johnson, LLC.
The home features an indoor pool and hot-tub. It is more than 11,000 square-feet, has six bedrooms, 11 bathrooms, a full bar, a theater room and a four-car garage.
Read more: http://www.ajc.com/news/local/lawsuit-young-thug-owes-million-his-atlanta-home/stfUwh2D19AUii1Ph3q6tO/