Villa Ferrari On Palm Island – Soon In Foreclosure?

Villa Ferrari on Palm Island Miami Beach

The Scott Storch home on Palm Island, otherwise known as Villa Ferrari, is a gorgeous 18,000 square feet home sitting on a 30,000 square feet lot, facing downtown Miami, and is located on one of the best Islands on Miami Beach. Mr. Storch, one of the music business top producers, apparently hasn’t had a top 10 hit in nearly 3 years, and finds himself in a very similar predicament as many american home owners, albeit his house costs a little more than the average american can afford. Just over 2 years ago, he paid $10,500,000 for the property, which, at the time was listed for $13,900,000.Forbes, the producer is in financial straits with regards to the property. There is presently a mortgage lien on the property in the amount of $10,500,000, as well as liens for unpaid electric and security bills. Furthermore, according to Forbes, there are 2 years worth of unpaid taxes on the property to the tune of approximately $500,000. It seems like the famous music producer may have to pull a rabbit out of the hat to save his home from foreclosure. Best wishes, and good luck to Scott Storch.

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