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Teddy Riley's Studio Burns Down
A fire burned down a recording studio in Virginia Beach owned by producer Teddy Riley. Apparently studio was scheduled to go up for auction the same day the fire broke out. The owner of the property, Dunkirk Properties LLC, owes more than $18,000 in back taxes, according to the city treasurer’s office and investigators. Riley who filed for bankruptcy in 2002 still owes the IRS about $1 million in unpaid taxes. His home in Church Point,Va. was sold in 2006 for $1.5 million, to pay off his tax debts. The funds from the studio's auction was to help pay off a $700,000 loan against the studio that Riley defaulted on. Investigators say it will be about a week before they can determine the cause of the fire.
A fire burned down a recording studio in Virginia Beach owned by producer Teddy Riley. Apparently studio was scheduled to go up for auction the same day the fire broke out. The owner of the property, Dunkirk Properties LLC, owes more than $18,000 in back taxes, according to the city treasurer’s office and investigators. Riley who filed for bankruptcy in 2002 still owes the IRS about $1 million in unpaid taxes. His home in Church Point,Va. was sold in 2006 for $1.5 million, to pay off his tax debts. The funds from the studio's auction was to help pay off a $700,000 loan against the studio that Riley defaulted on. Investigators say it will be about a week before they can determine the cause of the fire.
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