Hip-hop artist, Joseph Cartagena, known to the public as Fat Joe, can now be added to the list of infamous celebrities who have been caught with overwhelming debt. Fat Joe is the CEO and founder of the hip-hop record label, Terror Squad Entertainment and has reached success with numerous hits such as “Lean Back” and “What’s Luv?” but now must face reality. Forced to cut back on his lavish lifestyle, Cartagena recently listed his Florida mansion for sale for an estimated $2 million. Despite this move, Fat Joe continued to deny rumors of financial difficulty. However, according to public records, this denial is far from the truth and should come as no surprise. In January, Fat
Joe was sued by SunTrust Bank after he defaulted on a $250,000 mortgage that he had issued on his Florida home four years ago. The battle resulted in a $71,611 default judgment awarded to SunTrust.
Mortgage issues are the least of his concerns, however, as he is also reported to owe over $139,000 in federal and state taxes. The list of those awaiting payment from Cartagena is not a small one and has continued to grow over the years. In 2008 alone, the state of New Jersey filed a tax lien against him amounting to $105,000 and again more recently in March of this year for $2,200. This trend continued in February when Cartagena faced an IRS tax lien for $31,987.
Fat Joe is in good company within the hip-hop community as more and more rappers are faced with financial problems. This growing list includes
Eve who reportedly owes the IRS an astounding $357,000, Chamillionaire with debt amounting to $184,000 and all of the members of popular group D12 with the
exception of Eminem.
Despite financial troubles, Fat Joe is still preparing for the release of his new album entitled, The Darkside; ironically including songs “Rappers are in Danger” and “If it Ain’t About Money.”