Rapper Lil Wayne has resolved two major obligations in a growing list of financial woes that have come to light in recent months.
Following report by the Miami Herald yesterday (Aug 13) that the IRS a $977,840.91 tax lien against Hip-Hop superstar, his manager assures AllHipHop.com that the debt has been taken care of.
The lien, which was filed in Miami-Dade County on May 6, stems from obligations accumulated by Wayne as a teenager, his manager Cortez Bryant explains.
If they do their research, they'll find out that this was a situation from when Wayne was young, before he had management and accountants to make sure his business was handled properly, Bryant told AllHipHop.com. Once we came into the picture, we tried to review all of the records from the label and make sure that everything had been taken care of. But some of the documents were lost.
Unable to determine what tax debts had or had not in fact been paid, Wayne, under the advisement of his management, paid the full balance owed to the IRS.
At this time, however, a release of lien has not been recorded with Miami-Dade County, the Herald reported.
Still, both Bryant and Waynes attorney Ron Sweeney insist that the debt has been resolved. In related news, a Miami-Dade Circuit Judge recently ruled against Wayne, born Dwayne Carter, in a lawsuit filed by New Orleans jeweler Jack Sutton.
According to testimony offered in court, the 25-year-old rapper purchased a $138,000 diamond ring and a $32,000 gold-and-diamond necklace from Jack Sutton Fine Jewlery in October 2006.
Wayne was to have paid for the jewelry in monthly installments, but only sent one payment of $24,000 shortly after the purchase.
Sutton filed a suit in October last year, of which Wayne was notified in June.
Per Judge Scott Silverman, Weezy has been order to pay Sutton $146,000, with the total accruing interest at an 11% annual rate.
Suttons attorney Richard Wolfe tells the Herald that he expects a payment as early as this week, but that the matter may be resolved simply by Wayne returning the jewelry.