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After being handed down an 18-month prison sentence earlier this month, Young Buck was hit a little harder this week when the IRS auctioned off several of his possessions to pay off his debts.
According to Nashville's News Channel 5, an auction fetched $53,000 on Wednesday (July 25) from the sale of the rapper's jewelry, recording equipment, and other seized possessions, including TVs, gold albums, and more.
The highest priced item was reportedly a 615 Cashville necklace Buck has worn for years. It sold for $12,300, but had been previously appraised at approximately $20,000.
The rapper (real name: David Darnell Brown) had been going through bankruptcy since early 2010. However, a U.S. Bankruptcy Court judge ruled in December 2011 to convert the case from Chapter 11 reorganization to a Chapter 7 liquidation, meaning his possessions could be auctioned off to collect monies for creditors.
Creditors had submitted claims totaling $11.5 million, including $10 million that the label G-Unit Records said Buck owed them over a contract dispute.
His money problems are just the tip of the iceberg. In early July, Buck was sentenced to 18 months in prison after he pleaded guilty to being a felon in possession of a firearm and ammunition.
Buck will begin serving out his sentence on August 13th.
Read more: http://www.ballerstatus.com/2012/07/...#ixzz21rCoAnSd
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